May Money Management |
MAY 5, 2008
AVOIDING COLLEGE SCHOLARSHIP FRAUD
If you are among the many Americans hoping to secure a college scholarship for your child, beware of a new development: scholarship fraud. Parents may find themselves falling victim to scam artists who cheat them out of their money without securing any scholarship funds for them. In fact, people taken in by scholarship scams lose a total of $100 million annually. The good news, according to the Georgia Society of CPAs, is that there are steps you can take to avoid becoming a victim. First, remember that as a general rule you should not have to pay an application fee to qualify for a college scholarship or an education loan. If fees are required, find out in advance what they cover and when and if refunds are available. Get this information in writing before handing over any money, even a small amount. Remember, too, that a legitimate scholarship program should not require you to divulge your credit card or bank account number or other financial information.
Want to learn more? Your local CPA can offer expert advice on the best ways to pay for those high college tuition payments. Whether you have young children and want to begin planning early or you are looking for ways to cover a teenager’s looming tuition costs, a CPA can help. Consult him or her with questions on any of your family’s financial issues.
MAY 12, 2008
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 Georgia Society of CPAs advises that there are many ways to make your vacation dollar go further. Here’s one great tip: Instead of choosing a location and trying to find inexpensive airfare and lodging, it may be a better idea to plan your trip around the best deals available. Online sites that specialize in low-cost travel usually advertise specials to certain locations, as do many airlines. If the location sounds like somewhere you’d enjoy exploring, you could save a great deal on your trip. If you’re interested in learning more money-wise ideas on vacation planning or any aspect of your financial life, be sure to contact your local CPA. He or she has the expertise you need to make the best choices.
MAY 19, 2008
TEACHING CHILDREN ABOUT MONEY
Do your children understand the value of a dollar? Learning how to managing money early is a lesson that comes in handy throughout their lives, according to the Georgia Society of CPAs. The CPA profession has created several tools that you can use to teach your children to spend wisely. The 360 Degrees of Financial Literacy program, for example, contains a wealth of resources that you introduce your child to smart spending habits. To learn more, go to www.360financialliteracy.org.
Young adults who are just beginning their careers can benefit from the CPA profession’s Feed the Pig campaign. Turn to www.feedthepig.org for articles, podcasts, tools and tips designed to keep young earners on track and help them build a sound financial future.
Have more questions about your family’s financial situation? Your local CPA can help. Turn to him or her for advice on introducing financial issues to your children and with all your questions on the best ways to manage your money.
MAY 26, 2008
TEACHING YOUR TEEN ABOUT CREDIT
When should you start teaching your children about using credit and borrowing money wisely? The Georgia Society of CPAs advises that the teen years are a great time to introduce children to the rules for managing debt.
It’s an important topic because young adults are swamped with advertisements for credit cards as soon as they enter college and many don’t know how to say “no.” In fact, undergraduates are carrying an average outstanding balance on their credit cards of $2,100.
One way to prepare them for this reality is by letting your child “test drive” a credit card. Do this by giving him or her a prepaid spending card that can be used to spend a limited amount. Next time you go clothes shopping, hand your teen one of these cards and let him or her make decisions about how to spend the preset amount. It’s a great way for your teen to learn how to budget money and become familiar with using a credit card. Another advantage to these cards is that there’s no interest on your purchases, since they are paid for in advance.If you have further questions about your family’s finances, consult your local CPA for all the advice you need.
For more information contact Calvin Wong at 404-231-8676, Opt. 5.