How to Handle Kids’ Money Mistakes
You’ve given your child an allowance, and set out rules on how she’s to use it. But—oops—she slipped up. She dipped into long-term savings for an impulse purchase or borrowed money from a pal without repaying it. How do you teach a lesson from these money management mistakes while your children are still young and [...]
Eight Ways to Save on Holiday Parties and Food
Throwing a festive party can be the high point of your holiday season—but it can also be a jolt to your holiday budget if you’re not careful. Here are a few ways to warmly welcome friends and family while hanging on to your cold cash: 1. Multiply the fun: If you’re having multiple small groups [...]
When Should Your Child Get a Checking Account?
One of the ways to teach children about money is to help them open a bank account. Most banks will allow you to open a savings account for your child, no matter his or her age. This is an important step to building a strong credit score for your child, and it can be a [...]
When to Cut Off the Kids
With the cost of college rising and the economy still hindering young graduates’ ability to stay afloat, more parents are raiding their retirement and savings to help their kids pay for life on their own. National financial planning firm Ameriprise Financial asked more than 1,000 baby boomers if they provided some level of financial support [...]
Are Bonds Still a Good Idea?
A reader asks if bonds are still a good idea. Consider the risks of investing in a long-term bond portfolio and talk to a financial advisor. Q: On your radio show, you were discussing the possible problems in the bond market. You stated that in your opinion the bubble would eventually pop. In 2010, when [...]
Housing and Transportation Costs Burden the Middle Class
Housing and transportation costs continue to burden the middle class, rising 44 percent since 2000 making up 60 percent of household budgets. For every $1 increase in income, housing and transportation costs rose $1.75. In total, a family with a moderate income (defined as 50 to 100 percent of area median income) spends nearly 60 [...]