The price of a college education is going up so fast it is hard to keep track of the expenses. Between tuition, room, board, supplies, texts, and other activities, the final price tag can overwhelm most families. If you have more than one child, the burden is even higher. You really need to find the best money management strategies and ways to reduce costs, and here are a few suggestions that will give you a good start.
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Welcome to our reader question series where we feature an inquiry submitted by the MoneyNing community, along with our answers.
Today’s question touches on so many subjects we discuss here on the blog: Marriage and finances, credit, and paying off debt. Show her some support by letting her know how she can handle this delicate matter.
Things would be different if I knew 10 years ago what I know now.
Whether it’s related to issues concerning our finances, career or even relationships, we tend to look back and wish we could do things differently. Opening a Roth IRA as soon as we got a job? Check. Not ever going into credit card debt? Double check.
But what if you were never in debt? Would you hate spending as much if you weren’t a debt slave for years? Would you still max out your Roth IRA if you already have $100,000 in the account? What if you had $100,000 saved by the time you were 25? I bet your appreciation for savings and borrowing is a little different than others around you.
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Many people have a plan to deal with accidents, but where they fail is in actually testing them to see how well they work.
If you built up an emergency fund, that’s great. But, do you actually go through the process of simulating an emergency so you know what to expect when you actually need the money?
Let’s say you need $10,000 in a hurry. How fast can you get that cash, and do you really have the patience and nerve to logically pick out which account to deplete first in times of crisis?
By now, I think you see the need to figure everything out before disaster strikes. Little details like how quickly you can get the funds, whether there are little gotchas like minimum balances all play a role when you actually need to withdraw money.
If you haven’t yet, no worries, but today is a good time to start thinking about the order in which you should deplete your funds. To help, here’s a guide that offers a good starting point as well as some additional information about each account at the time of withdrawal.
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Take 10 seconds right now and try to remember the exact moment when you first understood what money was, and why it was important to society as a whole.
- What emotions did you feel?
- What possibilities did you create in your mind?
- What attitudes and/or beliefs overcame you at that very instant?
Now, what about after learning money’s purpose in society and after experiencing the markets and investing world each and every day of your life? How has your education and view of money changed over the years since that very first instant where you finally figured out what money was?
Pretty different viewpoints wouldn’t you agree?
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Cell phones have become as ubiquitous as oversized jeans and MP3 players, but these devices usually require a long term contract. ,meaning big bucks if you don’t shop carefully. Before you sign on the dotted line, you should consider some things so you can pick the plan that meets your needs.
How Do You Use Your Phone?
Do you use your phone only in emergencies? Then paying for a monthly contract is foolish. This sounds idiotic, but many people actually never considered a pay as you go plan instead. Do you use your phone as your business line, and need to be constantly available? Then you need a plan with a lot of minutes and the freedom to use it anywhere at any time. Is the phone for a teen? Then get unlimited texting but generally, not a lot of minutes.
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