August, 2013

How do I involve my child in saving for college?

August 19th, 2013
How do I involve my child in saving for college? image

According to a 2012 College Board report, tuition and fees at U.S. public universities rose 4.8 percent last year—more than double the inflation rate. The average annual price tag is now $20,000 for public schools and $40,000 for private institutions. With the cost of education going up, it’s never too early to start saving. And with a little thought, you can get your child excited about the process. Many parents already know the value of Section 529 Plans. These accounts place no income limits on donors and currently allow contributions of up to $14,000 per beneficiary per year. The best part? Withdrawals [ read more ]

Should you give your college student a credit card?

August 12th, 2013
Should you give your college student a credit card? image

There are so many things to do before your child leaves for college. One thing you should consider adding to the list is to get them their own credit card. When kids are away from home it’s possible they will run into a situation where a credit card is necessary. Here is an article to tell you the benefits of a credit card for students. http://financialplan.about.com/od/creditdebtmanagement/a/StudentCredit.htm We know that giving your college age student a credit card can be a concern. If you stop by The First we can talk to you about the College Rewards Visa® cards we have designed to [ read more ]

How can I help my teen use credit cards responsibly?

August 5th, 2013
How can I help my teen use credit cards responsibly? image

Most kids get their first credit card when they start college, especially if college takes them out-of-state. A credit card is a big step forward on your teen’s path to adulthood, so help him or her avoid some common pitfalls by discussing the basic Dos and Don’ts. Do have just one credit card, and keep the limit between $500 and $1000. Do pay off your balance on time each month. Do keep your card active by using it for small purchases every three or four months. Do shop around for a card with low or no annual fees, as well as a low interest [ read more ]