Here is a great new set of money rules to follow that I found in Redbook magazine. I really enjoyed this article and felt that it was really helpful so I just have to share it!
"Old Rule: Saving for college is the smartest way to invest in your children's future.
New Rule: Plan for your retirement first. Save your children the future financial strain and work toward siphoning off 15% of your income each year into your 401(k) or Roth IRA. Make sure you're on track by using the retirement calculator at choosetosave.org. If you are, then set up a separate account for their college fund.
Old Rule: A super basic bank account is fee-free.
New Rule: Fees are everywhere-so stay on top of your accounts to keep them as low as possible. Rumors are swirling about widespread new charges, including annual dues on debit cards and penalties for letting a checking-account balance sink too low. You will be alerted when new policies take affect, so read bank notices carefully. For lower fees, consider switching to a credit union; find one at creditunion.coop.
Old Rule: Preowned cars are always cheaper than new.
New Rule: New models may be a better deal. Used car prices have been at an all-time high in recent months, thanks to decreased supply and increased demand after the government's "Cash for Clunkers" program ended in 2009. Now it's actually possible to find a new car that's cheaper than its used counterpart: Start comparison shopping online at edmunds.com.
Tickle Me Rich: Elmo gets schooled on saving
When Sesame Street decided to tackle the topic of money management, they turned to the same expert we do: contributing editor Beth Kobliner, author of Get a Financial Life. In a new Sesame Street workshop video released on April 13, Beth teaches Elmo how to become a savvy saver. "Watch as I help him make the smartest buy at Mr. Hooper's store," she says. Download the video for free at sesamestreet.org/save.
"Old Rule: Saving for college is the smartest way to invest in your children's future.
New Rule: Plan for your retirement first. Save your children the future financial strain and work toward siphoning off 15% of your income each year into your 401(k) or Roth IRA. Make sure you're on track by using the retirement calculator at choosetosave.org. If you are, then set up a separate account for their college fund.
Old Rule: A super basic bank account is fee-free.
New Rule: Fees are everywhere-so stay on top of your accounts to keep them as low as possible. Rumors are swirling about widespread new charges, including annual dues on debit cards and penalties for letting a checking-account balance sink too low. You will be alerted when new policies take affect, so read bank notices carefully. For lower fees, consider switching to a credit union; find one at creditunion.coop.
Old Rule: Preowned cars are always cheaper than new.
New Rule: New models may be a better deal. Used car prices have been at an all-time high in recent months, thanks to decreased supply and increased demand after the government's "Cash for Clunkers" program ended in 2009. Now it's actually possible to find a new car that's cheaper than its used counterpart: Start comparison shopping online at edmunds.com.
Tickle Me Rich: Elmo gets schooled on saving
When Sesame Street decided to tackle the topic of money management, they turned to the same expert we do: contributing editor Beth Kobliner, author of Get a Financial Life. In a new Sesame Street workshop video released on April 13, Beth teaches Elmo how to become a savvy saver. "Watch as I help him make the smartest buy at Mr. Hooper's store," she says. Download the video for free at sesamestreet.org/save.
No comments:
Post a Comment