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  • 1. What is a Coverdell Education Savings Account and who's eligible to contribute? What are qualified higher education expenses? Public
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    Terms of Use What is a Coverdell ESA? Formerly called Education IRAs, a Coverdell Education Savings Account (ESA) is a type of IRA that allows you to make nondeductible contributions up to $2,000 annually for anyone under the age of 18 or a special needs beneficiary of any age. Assets in a Coverdell ESA must be used for qualified education expenses before your child (the designated beneficiary) turns 30 in order to be withdrawn tax-free. Coverdell accounts offer individuals a simple savings mec  More...
  • 2. Tons of Ways to Save Money Public
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    Terms of Use Transportation Airline Fares Car Rental New Cars Used Cars Auto Leasing Gasoline Car Repairs Insurance Auto Insurance Homeowner/Renter Insurance Life Insurance Banking/Credit Checking Savings and Investment Products Credit Cards Auto Loans First Mortgage Loans Mortgage Refinancing Home Equity Loans Housing Home Purchase Renting a Place to Live Home Improvement Major Appliances Utilities Electricity Home Heating Telephone Service Other Food Purchased at Markets Prescription Drugs F  More...
  • 3. Saving money on health care Public
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    Terms of Use It's estimated that each year on average Americans spend roughly $11,000 per person on health care. Without putting your health on the line, it's good to know where you can reduce medical costs: 1. Generic drugs: Always ask whether the prescription drug your doctor recommends is available in a generic form. Generic drugs can cost 20-70 percent less than name brands, saving you and your insurance company money. Also check into mail order as a way to cut costs. 2. Avoid  More...
  • 4. How do I save for a vacation? Public
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    Terms of Use Here are some ideas to help you create a savings plan. Whether you want to go on a dream vacation or save money for any big expenditure, try following these steps. Check out the simple budget worksheet in the Related Content section for help. Step One Of course, you won't be able to dip your toes in the water until you first set your sites on how much your piece of paradise will cost. Tally up your transportation, hotel, dining and entertainment cost estimates, and then divi  More...
  • 5. How can I teach my kids what interest is all about? Public
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    Terms of Use This article is from a series of articles about giving your children the life-skills necessary to effectively manage their money. To go to the table of contents, click here . Understanding Interest Understanding interest is another important part of your family's financial education. Both the interest you earn on savings and investments and the interest you pay on your outstanding debt are good lessons for all children. When your child has learned to multiply, it's time fo  More...
  • 6. Should I pay off my credit card debt or save the money in my account? Public
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    Terms of Use Most experts agree that if you're paying interest rates on the credit card debt that are higher than the interest you are earning on the money in your account at a financial institution, then you should pay off the debt. Keep in mind that you will want to have some money in your account that is readily available to you in an emergency so that you are not tempted to use your credit card and increase your debt.
  • 7. How can I help my child develop sound money management skills? Public
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    Terms of Use There are several methods that parents can use to help their children develop sound money management skills. Below we have listed some for your consideration: Help your children understand about how to budget their money. Be sure and allocate a percentage for spending, savings and charity. Include your children when creating and managing your family budget. Kids learn best by example. Set a regular time and date when allowance will be paid. This is their income so it is not fair  More...
  • 8. How can I teach my kids my values about money? Public
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    Terms of Use This article is from a series of articles about giving your children the life-skills necessary to effectively manage their money. To go to the table of contents, click here Teaching your children your values about money Money plays an important role in our lives and has come to symbolize a measure of success. How your family spends money is a direct reflection of your family's values and standards. Invest time in defining what success looks like for your family-use both your m  More...
  • 9. Do you have any suggestions for paying my child an allowance? Public
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    Terms of Use Paying your child an allowance provides them with many positive learning experiences. From understanding how money is earned, how much things cost, determining wants versus needs, the importance of saving, to understanding how to budget, your child can greatly benefit from the experience. Below we have provided some general considerations for paying an allowance: When to Start: You should start paying your child an allowance when they are old enough to help out around the ho  More...
  • 10. The Money Express article series introduction Public
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    Putting You in Control of Your Financial Life Managing money is a critical life skill that many of us have never really mastered. Good money management skills help you get ahead financially and help prevent others from taking advantage of you. That's where The Money Express comes in. It's Connection's way to provide useful financial information in understandable terms. You see, although some of the concepts can be a little tricky, we have written it to be understandable by all age  More...
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