Financial Planning Blog

Best Ways to Gift Cash to Grandchildren

Best Ways to Gift Cash to Grandchildren

Q. As a holiday present, I'm thinking of opening an IRA for each of my three grandchildren. But they don't have real income yet. Does that mean an IRA is out of the question? What are my options? -- Grandma  A. Your grandchildren are fortunate that you would like to...

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5 Resolutions for Managing Money

5 Resolutions for Managing Money

Do you want to feel as if you've lost 10 pounds? Get your financial life in order. Here are five easy-to-make and easy-to-keep New Year’s resolutions for protecting your wallet. 1 | START GOAL-SPECIFIC PLANS Think about what you want to accomplish in 2018 and how you...

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Car Insurance Rates and Your Credit Score

Car Insurance Rates and Your Credit Score

Q. I was told that your credit score influences your car insurance rate. Is that true? -- Driver  A. It is indeed true that your credit score will impact your car insurance rates, but not in the direct way you might imagine. Auto insurers concoct their own scores in...

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How to Conquer Overspending

How to Conquer Overspending

Q.  I overspend. It’s simple. Each month I run out of money and then end up using my credit cards. I know I have to make changes. Can you give me some tips? I’ve tried using a budget but my life never seems to stick to it. — Want to change A. We’re so glad you’ve...

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Mom is Lost Financially after Dad Died

Mom is Lost Financially after Dad Died

Q. After my father died, my mother was lost financially. It's been almost a year. She had means, but she had no idea where the money was or how to manage it. She doesn't want to learn, but I would rather not be in charge. How can I get her interested? Neither of us...

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Creative Financing for a Shore House?

Creative Financing for a Shore House?

Q. My sister had a family vacation at the beach and she now wants us to go partners on a shore house. I don't think I can afford it but I love the idea. Are there creative ways to finance something like this? -- Interested A. If you need to think of creative ways to...

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Dangers of Taking a 401(k) Loan

Dangers of Taking a 401(k) Loan

Q. I took a loan against my 401(k) last year. What happens if I leave my job before it is paid back in full? -- Borrower  A. Loans from your 401(k) may have seemed like a smart idea, but if you leave your job before it's paid in full, you could face some unpleasant...

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Financial Independence for College Kid

Financial Independence for College Kid

  Q. My daughter will start college next year. What the easiest way to manage her cash? Should we have a shared bank account, or is there a better way? My credit isn't very good and I don't want to hurt hers. -- Mom  A. This is an exciting time for you both, and the...

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