Back to School: Personal Finance 101

Posted by: Lauren Young on August 31, 2006

I’m amazed at how many back-to-school financial pitches I get: Today my inbox featured emails on changes to 529 plans; smart credit card strategies for college students, as well as credit score advice for the university set.

As I recently reported, a recent survey of 1,500 21- to 35-year-old college grads, sometimes referred to as Generation Broke, found this cohort owes an average of $30,000 in student loans. What’s more, they are delaying marriage, kids, even medical procedures, to pay off their educational loans.

schooldaze.jpg

Clearly, our kids need some help. If you want your kid to get an “A” in educational financing, point them to CollegeAnswer.com, Sallie Mae’s comprehensive online “going-to-college” resource. You’ll find a variety of tools and resources about saving for college, including information on the programs available for individual states and savings calculators.

Ideally, you’ll start teaching your kids about saving and spending at an early age. While I might get in some trouble for touting a competitor, The Wall Street Journal ran a great column this week on allowances. The gist of the piece is that you should give your kids an allowance as soon as they can understand that money buys things.

Some other good resources for young kids include:

Mykidscredit.com
answers what you and your kids need to know about credit.

Jumpstart.org promotes financial literacy for K-12 youth. The site isn’t especially pretty, but there’s lots of good information there.

Consumerjungle.org . Click on students to practice money management skills.

Reader Comments

KYK

March 18, 2009 11:17 AM

"Ideally, you’ll start teaching your kids about saving and spending at an early age. While I might get in some trouble for touting a competitor, The Wall Street Journal ran a great column this week on allowances. The gist of the piece is that you should give your kids an allowance as soon as they can understand that money buys things."

Yeah, the parents should teach their kids about money as early as possible. If they love them, they should prepare a better future for the kids. Some prepare by saving lots of money for their children's college. But is that a good way? There's hot discussion going on this 'Saving for College or saving for retirement' article.

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About

Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

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