Yilmazer, T. (2008). Saving for children’s college education: an empirical analysis of the trade-off between the quality and quantity of children. Journal of Family and Economic Issues, 29(2), 307-324.
Brief Description: This paper examines the effect of children’s college expenses on household savings. Using the actual amount of parents’ financial support, the model estimates the expected expenditures on children’s college education and investigates the effect of expected expenditures on parents’ savings. The results show that households save in advance …
Life’s emergency situations require advance preparation and planning. The first step is organizing your financial information. Do you have an appropriate place for filing each document? Have you told anyone else where you keep your vital information? Have you shared your wishes in the event of your death? Are your documents available to “grab and go” in case of evacuation? Many situations require that you take action now to avoid financial problems later.
Organize Your Important Papers
It is wise to periodically review your important papers. Take a fresh look at the types of records and papers you …
You conduct a variety of business transactions, many of which require supportive records. Birth certificates, proof of ownership, location of property, income tax returns, savings and investment records, insurance policies, guarantees, and warranties are probably among your important papers. These are but a few of the important records needed to operate your home in a business-like way.
Some records should be kept in home files; others should be kept in a safer place such as a home safe, safe deposit …
A vital aspect of successful financial management is record-keeping. An effective record-keeping system should be convenient to use and not too complicated to maintain.
Financial records have become a vital part of life. They are a key to your credit standing, are essential to help you save money on taxes, and also are a continuing indication of your financial progress. If you have systematic plan for keeping track of important papers you can save hours of anxious searching, help preserve …
Once you have worked through the SMART goals worksheet write out short-, intermediate-, and long-term financial goals following the SMART goal format.…
The goal for taxpayers is to pay no more than the least possible tax owed. Avoiding taxes through legal tax strategies is not to be confused with illegal tax evasion. Legally avoiding taxes means using effective financial record-keeping, decision making, and planning strategies to reduce your total income tax. One example of good tax management is adjusting the amount of federal income tax withheld from your paycheck. If you receive a big income tax refund (over $500) each year, you …
To get where you want to go in life, it is important to decide in advance how you will get there. Goals are signposts on the highway to the future. They serve as your road map to personal, career, and financial success. By keeping specific goals in view, you can direct your energies toward achieving your goals.
SMART goals need to be written down on paper to reinforce their importance. Use the SMART Goal Setting Worksheet to set some short-term …
To develop a household filing system, you may wish to use the following suggested list of headings and subheadings.
Household Filing System Categories
- Paid Bill Receipts
- Unpaid Bills
- Tax Receipts
- Papers to File
- Canceled Checks
- Account Books
- Credit Card List
- Credit Card Receipts
- Deposit Slips
- Installment Agreements
- Loan Contracts
- Safe Deposit Box
- List of Contents
Investments and Savings
- Bank Savings
- Credit Union
- Money Market Accounts
- Mutual Funds
- Stocks and Bonds
- Other Investments
Financial planning is a process based on what each person considers most important based on his or her values and goals.
A financial plan is really a coordinated series of plans that begins with goals and objectives reflecting values, attitudes, lifestyle circumstances, needs, and wants. The process helps individuals develop and implement financial moves to reach financial objectives.
Decision making is a very important aspect of the financial planning process. It is the key element in making choices about how …