If you’re planning on sending your children to college, you may be concerned about the ever-rising cost of tuition.

It can be distressing when you pause to consider that, by the time your children are ready to leave for school, tuition may be more than you can afford.

529 plans aren’t new but many parents aren’t aware that they exist. These plans can make your dreams for your child’s college education a reality. Here are common questions and answers about 529 plans:

1. What kind of 529 plans are there?

There are two general types of 529 plans, though many states have multiple options within these types. The first kind of 529 plan is the pre-paid tuition plan. This plan allows you to purchase credits at some colleges and universities for use in the future. Your investment in the pre-paid tuition plan is guaranteed by your state, though you will be required to attend a college in your state of residence.

There are age and grade limits when it comes to this option; the plan is not open to adults. The benefit of this plan is that you are pre-paying for credits, thus locking in the current rate of tuition.

Alternatively, you can choose to invest in the college savings plan. The account holder makes deposits into the account for use by the beneficiary. There are several investment options available: money market funds, stock mutual funds and bond mutual funds. The money in a college savings plan can be used at any college or university. These investments are not backed by the state nor are they federally insured.

2. Are my taxes affected by investing in a 529 plan?

Funds that are withdrawn and used for eligible college expenses are not subject to federal or state taxes. Additionally, and monies earned in your 529 plan are not taxable. If you choose to withdraw funds from your 529 plan and use the money for anything other than eligible college expenses, the monies will be subject to a 10 percent federal penalty along with income tax.

You may be eligible to for matching contributions, tax deductions and other benefits from your state of residence when you participate in a 529 plan. You will need to discuss any available benefits with your financial institution.

3. Are there fees involved in participating in a 529 plan?

Depending on the plan option that you choose and the financial institution or firm that handles your account, you may be subject to expenses and fees. To reduce the amount of money that you will be charged to open and maintain a 529 plan, you may want to consider a direct-sold college savings plan or a broker-sold college savings plan. Both of these options tend to have lower sales fees and, many times, front end loads are reduced.

4. Will a 529 plan affect financial aid eligibility?

Typically, participation in a 529 plan will affect a student’s financial aid eligibility. Savings held in a 529 plan are treated as parental assets and are considered when factoring the estimated family contribution to college costs.

Each family must decide if 529 plans are their best way of ensuring that their children are able to attend college. For more information on 529 plans parents should contact their financial adviser or 529 plan adviser.

Alex Stanton is an intern enrolled in an online mba university to earn his degree.

4 Facts About 529 College Savings Plans is a post from: About Personal Finances

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The world of mobile payments is becoming more and more the norm – so much so that credit card companies are placing high bets in order to stay afloat.

The new infographic from Mobile Payments Today sheds some light on who is going all in and in what category.

The infographic uses poker chips to show each category and which companies have jumped on board.

This market was has always been dominated by the credit card companies, but still may want to get a piece of the pie by going in now – those who haven’t yet, may have less of a chance of maintaining their place in the market down the road.

With this said, long-established credit card companies are still blowing mobile payments out of the water.

In 2010, credit card payments had a total volume of $6.2 trillion, whereas mobile only had $240 billion, and will is still only projected to be at $670 billion by 2015.

Compliments of MobilePaymentsToday.com

Kristina Carpenter is a writer for Nowsourcing, Inc., which specializes in social media marketing and infographics.

The High Stakes World of Mobile Payments is a post from: About Personal Finances

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Student debt is something that almost everyone gets into. Some people fall in more debt than others, but still manage to get out of it.

Other people, once trapped in debt, are trapped in debt for life. Although higher education such as college is extremely important for students today, getting a degree does not guarantee employment as it once did.

Today, getting a professional degree, a degree that is above a doctorate, can pay off in dividends of $4.4 million dollars or more.

Even someone who has an bachelor’s degree can expect to earn $2.1 million dollars more than someone else who doesn’t. But it has gotten more difficult to afford college in the past few years.

There has been some news lately about the possibility of cutting the Pell Grant as a way to help reduce the deficit. 75 percent of students do not want to see this reduced, beveling it would make education much harder to afford.

What are your thoughts on this issue?

From: Top Colleges Online

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Owning a credit card makes it a whole lot convenient for you when you are making purchases of any item. Whether it is that favorite restaurant that you want to check out or you are clued into that latest gadget that you wanted to buy for months, a credit can get you those things.

But unlike debit and prepaid cards, a regular credit card is a type of loan that must be paid back to the credit card company. Credit card handlers who do not keep up with monthly repayments each month (regardless if it is in full or in partial) will be bombarded with additional late fees.

If your repayments have been long overdue, you can significantly hurt your credit rating. There are ways that you can do to help you avoid paying late and to avoid unnecessary late repayments fees.

Things You Need to Do Avoid Late Payments:

1) Consider a prepaid debit card

If you never want to worry about late fees again, debit cards are the way to go. You can only spend the amount of money that’s on them so you will never pay a huge $49, $69 late fee.

We recommend the GreenDot Prepaid Mastercard.

2) Paying the bill on the same day it reaches you.

One of the most effective ways to avoid dealing with late credit card fees is to pay the bill immediately the day it arrives. Doing so will give you a peace of mind knowing that by paying the bill early or on time, you will not have to worry about late fees and when you have a balance, interest fees.

3) Paying your bill over the internet.

Just about every bill these days are being paid via an online payment medium. This is far convenient and very easy to do. Like other utility bills, you can do the same with your credit card bills. All you need to simply do is set up an automated billing payment medium with your bank account and you are good to go.

4) Automated reminders

If you are too busy putting your mind on other things and you do not have the time to check up on your credit card bills, you can sign up for messaging or e-mail alerts from various online bill reminding sites. This will remind you to pay up when you need to every time your credit bill arrives.

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There is no doubt that kids are expensive. When they’re little, it’s the cost of diapers and formula. As they grow, the expenses switch to shoes, clothes and the toys and gadgets they all desire.

School fees can be enough to put you in the poorhouse, and there are extra-curricular activities along the way that drain your wallet and leave you pressed for time. Fortunately, there are some ways you can save money on all the things your kids need and want.

Save on Clothing

Clothes are a real budget-killer, particularly when your child hits a growth spurt. However, you don’t have to spend a small fortune on clothing, and you will never pay full price again when you embrace these tips.

Thrift Stores – Basics like jeans, T-shirts and play clothes can come from the thrift stores. While you may not find the high-fashion shirts your blossoming teenager wants there, you can still find plenty of the basics at great prices. If your child is old enough to resist the idea of thrift store, tell them you can use the money you save to buy those killer shoes they’ve been eyeing.

Clearance – Stores need to move merchandise, especially when the season is winding to a close. Teach your children the value of clearance racks. You can get the name brand clothes they desire at incredible savings, just by trolling through the discount aisle. Watch the local papers for money-saving coupons to your favorite stores and you will save even more.

Online – Once you know what brands and styles your child loves, surf the Internet to find the deals you can appreciate.

Entertainment Can be Cheap

Hit the library for books and videos. There is no cost to check them out, and you won’t have the items cluttering up the house when you’re done. Consider a membership to programs like Gamefly or Netflix to rent games and movies for one low price.

Watch online sites like Craigslist and eBay to find the best deals on gently used electronics and toys. There’s no reason to pay full price for the newest gadget when you can buy the previous generation for 60 percent off.

Yard sales and thrift stores are your best friend when it comes to toys for younger children. Toys from companies like Fisher Price and Little Tykes last forever, and you can usually find them cheap at these second-hand markets.

Eyeglasses

If your child needs eyeglasses, then you know how costly their vision can prove to be. A non-negotiable purchase, you must get your child vision-correcting glasses if they are required. While this expense can easily run thousands of dollars, there are ways to lower the cost.

Visit discount stores like Wal-Mart to pick up the frames and glasses. Even if they don’t take your insurance, you may find that they are still less expensive than buying glasses at the optometrist’s office. Another option is to pick a pair of glasses you like at the optometrist, and then search the Internet for a better price on the frames your child really likes.

Buy durable frames. Cheap frames are never a good deal if they fall apart after six months. If you buy quality frames that will last, then you can just have the lenses replaced when the prescription changes. It will cost a little more initially, but it will save you money in the end.

Extra-Curricular

One of the biggest expenses is the extra-curriculars. When a fundraiser is offered, have your child participate. They will learn the value of working for money and earning what you want, and you will get a little break on your expenses.

Raising a child is rewarding but costly. You can save money on their clothing, toys and other goodies by shopping smart and making good use of the library. When it comes to school supplies, plan ahead and shop early for the best sales. Finally, consider establishing a monthly slush fund. Every month, put some money in that fund to help pay for those little extras like cool new shoes, electronics and eyeglasses.

Guest author Sara Roberts is a freelancer blogger who writes about saving money, budgeting, and avoiding debt. She’s also a regular content contributor for online eyeglasses retailer Just Eyewear.

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Forget a dated image of hippies living off of the land and rejecting modern society – self-sufficiency is now cooler than ever. Becoming less reliant on the shops is a fantastic way to save money, and can help to reduce your household outgoings at a time when prices are on the rise. It can be easier than you think to achieve self-sufficiency at home, and by following a few simple steps, you could soon begin to see a reduction in your bills.

A self-sufficient lifestyle is not only kinder to your wallet, but also kinder to the environment, so read on for a few ideas of how you could embrace this greener, more affordable way of life.

Grow Your Own

Growing their own produce is one of the first steps which most self-sufficiency converts take in their journey towards a greener lifestyle. A simple combination of seeds, soil and sunshine, plus a dash of patience and plenty of watering, could soon see you establishing your very own mini-farm in your garden. However tiny your outside space is, simply set aside a small plot of land, purchase a few seeds or young plants and start a green revolution in your garden.
You can even join the ‘grow your own’ movement without a garden, as herbs and many smaller vegetables are perfect for planting in pots on a patio or balcony, or alternatively you could join one of the growing number of community gardens which are springing up as quickly as seedlings. Once harvest time comes around, there will be no need to stock up on produce at the supermarket, as whatever the season, you will have your own supply of fresh, free produce.

Waste Not, Want Not

When embracing self-sufficiency, one of the most valuable things to learn is to see the things that are usually considered as waste, as useful, renewable products. Your new vegetable plot will need watering regularly to keep it growing nicely, but there is no need to turn on the tap or hook up your hosepipe to give your plants a drink. A water butt is the best way to turn rainy days to your advantage, and can be purchased cheaply from any garden centre or hardware store. This is the best way to enjoy a reliable supply of water throughout the year, without spending a penny.
Once you have harvested your crop of vegetables and enjoyed them as part of a delicious meal, you will be left with scraps and peelings to dispose of. A compost bin or compose heap is the ideal place to turn this waste into high-quality soil which can be used on your garden to keep your next crop of fruit and veg growing healthily.

Make Do and Mend

Cheap, mass-produced products make it easy to replace damaged clothing or appliances. Whether you have an electrical appliance which could be easily repaired with a little patience and know-how, or an outfit which no longer fits, by investing time, rather than money, you could easily fix a broken product or transform any object into something new.  Not only will this save you money, but getting creative will also give you a great sense of satisfaction, particularly when you see something which you though was useless transformed into a beautiful or functional object.

Brew Your Own Beer

Socialising is an expensive business. As staying in becomes the new going out, why not bring the best bits of your local bar to your own home by setting up a simple micro-brewery? Brewing your own beer is sure to make your home a popular night spot for your friends, and means you will never again have to worry about the price of a pint. You could even use your favourite fruit from your garden and mix up a batch of fresh summer cider.
Self-sufficiency is easy when you know how, so what are you waiting for? Join the growing number of people who are saving money and going green at home by following these simple steps.

Hayley Francis wrote this Guest Blog on behalf of Saving Energy Online. If you are serious about self-sufficiency, why not try their solar panels? They are a great way to enjoy lower household bills whilst reducing your reliance on conventional energy.

Simple Steps to Self-Sufficiency is a post from: About Personal Finances

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An Overview of the Various Deposit Protection Services

Since 2007 the legislations regarding the protection of deposits has demanded that any landlord who accepts a deposit for an assured shorthold tenancy must protect it within 14 days of receipt. Landlords can do this by using one of three approved deposit protection schemes available in the UK.

The reason that the Deposit Protection Service, MyDeposits and the Tenancy Deposit Scheme have all been tasked to protect deposits is to ensure that all deposits are paid, held and returned in a fair way. With millions of pounds being paid as deposits over the space of a year, the legislation now offers all parties involved protection from unscrupulous operators.

The creation of these schemes has provided a range of benefits to both landlords and tenants. It can be seen as a significant improvement in tenant rights and specifically provides tenants that may lack the financial apparatus to pursue legal actions with a clearly defined process of retrieving deposits from unscrupulous landlords. On the other hand, the legislation ensures that if there is a legitimate reason to withhold a deposit, they have the rights and protection to follow through the repayment refusal.

The different schemes, the Deposit Protection Service, MyDeposits, and the Tenancy Deposit Scheme differ in fundamental ways. Firstly the Deposit Protection Service is regarded as a ‘custodial’ scheme in that landlords must pay the deposit into an independent bank account for the duration of the tenancy. The other two schemes are insurance based meaning that landlords must obtain an insurance policy to protect the deposit, although the physical deposit can remain in their account.

All the schemes will only repay the deposit after both parties can settle on a particular sum. This sum will normally be calculated in accordance with the original inventory and as long as the tenant leaves the property in the same state as they found it (allowing for fair wear and tear) then the deposit should be repaid in full. If a dispute does arise however, either party can utilise one of the independent deposit resolution services attached to the schemes.

Ultimately the Deposit Protection Service, MyDeposits and the Tenancy Deposit Scheme have given both tenants and landlords a clearer position when it comes to deposits, helping both parties to resolve disputes without the expense of time consuming civil court proceedings.

Deposit Protection Service – http://www.mydeposits.co.uk

Deposit Protection Service and Schemes is a post from: About Personal Finances

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Marriage provides many financial benefits for people to wed.

Although, money shouldn’t be the only reason for people to marry, couples are able to afford more expenses with two incomes rather than just one.

This creates a combined capacity for creditworthiness, budget stability, greater acquisition power, and better retirement options to name a few.

However, it’s important to calculate all assets as well as all liabilities to be better prepared for the future economic fitness of this lifetime partnership.

Individual debts

These should be known before they affect the relationship. In a court of law, wives and husbands are both usually liable for any bills that go unpaid. On the other hand, if a spouse has an excellent credit rating, the other one would benefit by uniting accounts. It is easier to achieve economic stability by better managing debts with the extra money provided by two incomes. The combined liability and income is better handled with a created monthly combined budget before the wedding vows take place.

Extra household income

Provides a safety net for times of financial emergency. For example, if a spouse looses a job, the second earner could keep covering the expenses until the other one gets back on track. Also, married couples learn to manage their money better by avoiding the usual unnecessary expenses that singles incur in: luxury items, the latest gadgets and pricier clothing. Saving for future items like a new vehicle or home takes priority and provides stability in a couple.

Stability

Spouses normally live in the same neighborhood longer and change jobs less often.  Lenders approve of couples with job longevity, residential stability, and combined income. For instance, combined earnings are able to purchase a more expensive home than what a single person would be able to afford since lenders do consider the total household income. With the double income, saved money would be available for vacations, education, buy goods, and pay for unexpected bills.

Finally, marriage can be financially beneficial because couples are able to retire in greater comfort than singles with their shared savings. Marriages that save and plan with various plans like 401ks and IRAs (Individual Retirement Accounts) can have a much fuller life after retirement. Social security along with retirement benefits can even be transferred if a spouse dies. As couples prepare to say, “I do” at the altar, knowing the economic advantages of marriage and its impact is priceless.

This article is provided courtesy of Credit Season, a consumer finance website providing information and tools on bad credit loans and other personal credit services.

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With college costs and the cost of living soaring, increasing numbers of college students are finding that they have to work just to survive. Learning to balance college demands and work can be one of the hardest transitions for many new college students to make. It can be very difficult to master the time management that is needed to make this work, but it can be done.

Making the Sacrifice

Unless you come from a very wealthy family, you will likely find that the advantages of working while in college are well worth the sacrifices you have to make. Your budget will be tight and your schedule will be even tighter, but you will likely come out of college with far fewer student loans and you will not be as wracked with guilt every time you indulge yourself. Of course, if you can find employment that will fit with your major, the benefits will be greatly multiplied. Most students, however, find themselves in a typical college student job such as working in a retail store or restaurant. Regardless of the employment, you will be developing a set of skills and strategies that will benefit you after graduation.

Weigh All of Your Options

Don’t feel that you are stuck with on-campus jobs to make money while working around your academic obligations. In most college towns, the majority of businesses build a large part of their workforce with college students. These employers will often provide flexible scheduling and will work with you during exam times or other times when you need a day or two off. These positions won’t pay enough to make you rich, but they will definitely allow you to earn enough money to be helpful while still keeping your grades up. Just make sure that you discuss expectations with your potential employer before accepting a position. This will prevent any difficulties later on due to unexpressed needs.

Regardless of the job you choose, you must never forget that your number one priority is to get your degree. Although you may need money, make sure you never accept so many hours that you are letting your grades suffer. Keep a master schedule in which you can keep track of work shifts, classes, and study sessions. Also, get to know your instructors and make the best impression possible on them. That way, if you are late for class one day because of work, they will be more likely to be forgiving.

Working while you are in college can be difficult and stressful. By being carefully organized, however, you can minimize this stress and find a good balance among all of the things that are important to your life. You should also make sure that you include time for leisure and recreational activities. Allow time to sleep in on occasion, to go on dates, to exercise, and to hang out with friends. After all, your college years should be some of the best of your life. That can’t happen if you never take time for fun.

About the Author: Jan H. is a writer for MyCriminalJusticeCareers.com. To know about forensic science take a look at this site to learn more about how to become a forensic scientist.

Balance Work and College: Do It Successfully is a post from: About Personal Finances

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For those who are currently driving their very first car there is always a temptation to alter the appearance and the performance of the vehicle away from the factory standard. This can give the car a degree of individuality as well as providing the individual with a rewarding pastime.

However, making modifications to a car can be an expensive process. Nevertheless, there are some cheap modifications that can enhance the appearance of the vehicle without costing a fortune.

Interior modifications

A modification which will significantly change the appearance of the car for a relatively low price is window tinting. Kits can be purchased which allow the owner to complete the work at home. However, for the best results a professional windowing tinting service should be used as this can be a tricky process. Drivers should also be aware that there are laws which dictate the level of tint that is acceptable on specific windows of the vehicle.

Small cosmetic changes on the inside of the car can really enhance the vehicle’s appearance and personalise the interior. These modifications may include installing a pedal set, replacing the gear knob, replacing the gearstick and handbrake gaiters, adding a steering wheel cover and adding seat covers.

Car owners that are a little more daring can even remove sections of the car’s trim and paint them. Replacing the bulb of the interior map light with a coloured equivalent can create an attractive effect.

Exterior modifications

One of the first areas often addressed by drivers on the exterior of the car is the lighting. Many drivers add additional lights such as fog lights and driving lamps to create a more sporty appearance. Care should be taken when wiring such lights. To comply with the law they must be wired so that they can be switched on and off independently of the headlights.

The standard factory-fit front and rear light clusters can also be replaced with more sporty alternatives. Popular styles include smoked lights, LED lights and projector headlights. Again, care should be taken when installing custom lights in order to comply with the law. This is especially true with smoked lights as enthusiasts can be tempted to create this effect at home.

Alloy wheels can be exceptionally expensive but simply removing the plastic hub caps which are fitted as standard can create a more sporty appearance. The owner can even paint the outer rim of the wheel. Chrome surrounds for the car’s number plates is an exceptionally cheap way to enhance the car’s exterior.

Performance modifications

To create a more sporty appearance many drivers lower their car’s suspension by around 1.5 to 2 inches. This can be achieved by installing performance springs. However, the driver should carefully consider the implications associated with ground clearance when it comes to speed bumps and rural roads.

A performance intake can be installed under the bonnet which will give the car a more throaty growl and can increase the power output by 3 to 5 horsepower.

Article by Crispin Jones on behalf of The Plate Market, specialists in high value number plates. 

Tips and Ideas for Modifying Your Car On the Cheap is a post from: About Personal Finances

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