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Looking for CPAs to talk about today’s financial news,
the hottest trends in personal finance, or small business?
Contact Avery Roth
972.687.8688 or 800.428.0272, ext. 688.
----------------------------------------------- May -------------------------------------------------
HOW TO AVOID SCAMS WHEN SEARCHING FOR SCHOLARSHIPS
Tuition and fees can add up to well over $30,000 at some universities. Many parents hope their children can secure a scholarship so that they can further their education without exhausting the family’s savings. With scholarship dollars often hard to come by, and parents anxious to get them, it’s no surprise that “scholarship fraud” is on the rise. In fact, people taken in by scholarship scams lose a total of $100 million annually, according to the college planning site FinAid.org. The good news, according to the Texas Society of CPAs, is that there are steps you can take to avoid becoming a victim.
PLANNING AN AFFORDABLE FAMILY VACATION
With the end of the school year fast approaching, many families are beginning to plan their summer vacations. Travel expenses can take a big bite out of your budget, but the Texas Society of CPAs advises that there are many ways to make your vacation dollar go further.
TEACHING CHILDREN MONEY SMARTS
Do your children understand the value of a dollar? Learning how to manage money early is a lesson that will be essential throughout their lives, according to the Texas Society of CPAs. Texas CPAs can offer tips that you can use to ensure that even the youngest children learn how to save and spend wisely.
DON’T LET YOUR TEEN GET CAUGHT IN A CREDIT CRUNCH
When is it best to teach your children about using credit and borrowing money wisely? The Texas Society of CPAs advises that the teen years are a great time to introduce children to the rules for managing debt.
Don’t miss out on the opportunity to broach this important topic. Young adults are swamped with advertisements for credit cards as soon as they enter college, and many don’t know how to say “no.” It’s estimated that undergraduates are carrying an average outstanding balance on their credit cards of $2,100. Between credit card debt and hefty student loan balances, young people often struggle to cover all their payments.
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MONEY-WISE ADVICE FOR NEW GRADS
At this time of year, many recent graduates are leaving collegiate life behind and embarking on their first “real” career. It is an exciting time, but it’s also a time of new financial responsibilities. If you know someone taking their first steps into the work world, the Texas Society of CPAs advises that there are several money-wise steps to make sure recent grads start off on sound financial footing.
DON’T GET SWAMPED BY STUDENT LOAN DEBT!
Are you or someone in your family facing heavy student loan debt? Recent graduates left college with an average of $19,646 in student loan obligations, according to a study by the Project on Student Debt. That was up 8% from a year earlier, while average starting salaries rose only 4% from the previous year, the study found. That means the debt that graduates are carrying is growing faster than their initial chances to earn the money to repay it.
There’s no reason to despair, though, according to the Texas Society of CPAs, because there are several steps that you can follow to manage weighty student debt.
AVOID MONEY MISHAPS WHEN CHILDREN MOVE BACK INTO THE NEST
It’s graduation time, and many college graduates are returning to live at home for the first time in several years. Once upon a time, many of these graduates quickly moved on to their own digs, but today that trend is changing. Because of an uncertain economy, many young adults have decided to spend a few years living with Mom and Dad until they have a stronger financial foundation. Others are seeking a way to minimize living expenses while they pay off hefty student loans, attend graduate school or save for a down payment on a home. The prospect of living with an adult child may fill parents with delight or dread. In either case, the Texas Society of CPAs advises that it’s important to be aware of the financial challenges that parents will face in this situation. Families that address these issues beforehand have a better chance of preserving harmony.
FINANCES FOR TWO: NEWLYWEDS AND MONEY
June is a popular time for weddings, and it’s important that newlyweds get off on the right foot as far as their finances are concerned. A total of 84% of couples said that money causes arguments in their marriages, according to a Money magazine survey. But taking the right steps now can save a lot of tension and disagreement later, according to the Texas Society of CPAs.
TACKLING MONEY CONCERNS IN REMARRIAGE
Roughly 75% of those who have been divorced will ultimately remarry, according to government statistics. Money can be a source of tension in any relationship, but the Texas Society of CPAs advises that there are steps that couples who are remarrying can take to preserve harmony.
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