This week, Money Explained tackles the topic of pocket money, exploring the benefits and possible pitfalls. Our series looks at the money basics for everyone in the household, breaking it down into bitesize chunks. Giving your children pocket money can be a great way to get them thinking ...
Many states have responded to this dilemma by offering prepaid tuition plans. These plans are designed to help families start saving for their children's futures, but they may not always be the best choice for college savings. By understanding what these plans are and how they may or may not...
And not all banks are FDIC-insured, so make sure to confirm this before signing up for an account. Cons of money market accounts While money market accounts are a great option for short-term savings, they have limitations that potential users should consider. 1. Depending on your bank, ...
Technically it is, butRoth IRAs are incredibly flexibleand they have a few characteristics that make them specifically helpful for college savings, especially if you want to at least keep the option ofusing the money for retirementinstead. There are pros and cons to using a Roth IRA for colleg...
Writing inMoneySense,Gail Vaz-Oxlade argues that the Lifelong Learning Plan can be an effective means of saving for education and improving earning potential: The Lifelong Learning Plan (LLP) gives you an interest-free loan from your RRSP, or from your spouse’s RRSP, up to $10,000 a year...
The Pros and Cons of Working While in College Working a part-time job while in college can help students pay for personal expenses, supplementfinancial aidand gain valuable work experience. However, there are drawbacks students should be prepared for, including time restraints and i...
Usually, having a separate 529 for each child makes sense, but some parents prefer a single plan. Here are some advantages and disadvantages when determining the best college savings plan strategy for your children. Pros & Cons of Opening a Second 529 Plan ...
As the cost of higher education continues to rise and many Americans are mired in student debt, many parents are turning to tax-advantaged 529 savings plans to help fund their children's education. Named after Section 529 of the Internal Revenue Code (IRC), these plans were originally designe...
Parents and educators alike have, for decades, said that part-time jobs teach children how to be responsible and manage money. But Temple University researcher Laurence Steinberg found that only 11 percent of students report saving most of their money for college, and only three percent contribute...
For instance, they may not offer mortgages, credit cards, and personal loans. So before opening an account, consider whether it’s important to you that you do all your banking in one place. Pros and cons of a high-yield savings account A high-yield savings account offers a higher ...