Paying for college is a difficult and draining process, but the FINRA college guide clearly discusses the basics of college costs, how to save for college, different planning and payment options, and various available tax credits. Use the glossary to identify any unknown terms, and compare different payment plans before utilizing the expense analyzer. Any questions you may have are answered in this detailed resource.
While the prospect of saving for college may seem daunting, planning in advance can help ease the burden. Review these tips for savers and parents of college students to learn more about financial aid tools, the benefits of saving in advance, and much more.
InCharge’s College Planning Calculator
Simply input the amount currently in your savings account, monthly contributions to the college fund, rates of return and inflation, and various education expenses to determine how much you need to save on a monthly basis to meet your college planning savings goal.
Don’t fall for the costly payday loan advertisements! This very expensive type of credit is not the option you should take when you are having a cash crunch. Through this FTC fact sheet learn about 6 alternatives to payday loans; they will save you stress and money.
Maintaining a good credit rating is only half the battle—you also need also take advantage of accessing your free credit report every 12 months. On this FTC fact sheet learn all there is to know about obtaining this report. From avoiding imposter credit report agencies, to what actions need to be taken to correct errors on your report, it is all addressed.
Self-help tips, credit counseling and debt management plans, bankruptcy, debt consolidation, and other issue areas are discussed in this FTC fact sheet. You don’t have to be buried knee deep forever in debt. Find out which option is right for you to get out of debt today!
Read about the basics of setting up an emergency cash reserve. A variety of facts impact how much you should be saving each month. Determine which savings vehicles are best suited for your cash reserve fund, and start saving for those unforeseen bumps in the road.
Long-Term Care Insurance
Long-term care refers to the many services beyond medical care and nursing care that are used by people who have disabilities or chronic (long-lasting) illnesses. Long-term care insurance helps you pay for these services, which can be very expensive and are not covered by a health insurance policy or Medicare. A policy also ensures that you can make your own choices about what long-term care services you receive and where you receive them.
Find out how to shop, compare, and negotiate the best mortgage option for your home. From obtaining cost and lending information, to learning how your credit history will impact the mortgage application process, this guide provides useful information.. Complete with a glossary of terms and a mortgage shopping worksheet, it includes everything you need to know about the mortgage search and application process.
Utilize the mortgage spending plan to determine which mortgage is right for you, learn the basics about mortgages, and consult the glossary for any questions you may have about mortgage terms and definitions. Never has it been so easy to learn how to shop for the best mortgage loan for your budget!
With so many options to choose from when saving for retirement, it is a bit confusing to narrow it all down. However, as part of the 360 Degrees of Financial Literacy Campaign, AICPA narrows down the possible savings options. Contributing money to a matching employer plan, opening an IRA, and using other savings vehicles are discussed in-depth. Saving has never been easier!
The AARP Retirement Planning Section contains information on IRAs, 401(k)s, traditional pension plans, a retirement planning calculator, and many additional tools to assist you, whether you are just beginning to save for retirement or have been saving for decades.
In addition to giving a basic description of various 401(k) plan options at work, handy tips are given so that individuals can maximize their 401(k) accounts to their full potential. Play catch-up if you are over 50, diversify your interests, and take advantage of your employer’s matching contribution. This resource is your one-stop shop for all things —401(k)—from opening an account, to maintaining a balance, to plan termination.
Retirement—Individual Retirement Accounts (IRAs)
Learn about the differences between Roth and Traditional IRAs: utilize the simple comparison chart to discover the distinctions between the types and then select the one that best suits your needs.
Choose the IRA that is best for you! Get information on distributions, withdrawal penalties, tax advantages, and all of the ABCs of IRAs. Feeling adventurous? Discover other IRA options such as spousal, SEPs, education, and SIMPLE IRAs.
Thinking about rolling over funds from one IRA to another? Consult the Rollover Chart and other publications available from the IRS to ensure that the rollover is permissible. From traditional IRAs to 403(b) plans, no stone is left unturned in these publications.
Retirement – Sources of Income
A reverse mortgage may be a way for you to tap into the equity in your home without having to sell your home. AARP provides information on the pros and cons of this option as a source of income in retirement.
With so many options to choose from when deciding how to best budget and utilize your retirement money, it is a bit confusing to narrow it all down. However, as part of the 360 Degrees of Financial Literacy Campaign, AICPA describes the best and easiest retirement management options. Consider opening an annuity, selecting a beneficiary for your assets, planning your estate, establishing a trust, purchasing life insurance, and investigating possible stock options; learn about long-term care insurance; and find out your life expectancy all on their site!
Learn how consistent contributions to a savings account can add up over the years. Watch your wealth grow with the magic of interest!
If you are planning on purchasing a new car or new home; taking a vacation; or saving for college, this CFP tip sheet is full of helpful hints to assist you in the goal-planning process for these very important life events.
Discover how to focus on tomorrow and set some long-term savings goals through a variety of methods, such as planning for two-pronged savings, thinking long-term, knowing your education and retirement savings options, and building a personal savings program.
Discover how long it will take you to reach your savings goal by simply imputing your goal, funds you currently have saved, rate of inflation, monthly savings, and expected rate of return. Set a goal today, it is quick and easy!
Teaching Children About Finances
Teach your teens how to budget and save at an early age so they are not caught up in the credit card debt style of living. By addressing issues such as food purchases, car insurance, and saving in general, your teen will become fiscally responsible—knowledge that will stick with them for the rest of their adulthood.
America’s Credit Unions’ Thrive by Five: Teaching Your Preschooler About Spending & Saving
Thrive by Five is a valuable resource with tips, stories, and activities to teach preschoolers about money management. An easy-to-use site that will educate parents and preschoolers alike, it will show all parties how to earn and keep money. Discover the 17 things any 5-year-old should know about money. Again, concepts that will stay with a child forever!
This education resources page, compiled by the National Council on Economic Education, is full of links to useful financial literacy programs for parents, students and teachers. Learn about investments, economics, and financial savings plans for life through a variety of resources developed by some of the leading U.S. financial institutions.