Personal Finance Archives

Personal Finance Lessons That Should Be Taught In High School

Personal Finance Education Needed In High School

The following is a guest post from Briana Myricks who writes at her blog, How’s Married Life?

High school teachers emphasize preparing for the real world, but in reality, how many of the things you learned in high school do you use today? Has The Scarlet Letter been mentioned at any time outside of a classroom?

Do you utilize your US history lessons when it’s not an election year? Besides knowing what H20 means, what elements do you remember from chemistry class?

Part of a valuable high school education should include things you will definitely experience in the real world. One subject that should be taught is personal finance, as that’s something that can be used even before a student graduates. Since personal finance education is such a broad subject, what topics specifically should be taught in high school?

Personal Finance Education Needed In High School

How to balance a checkbook: Even though checkbooks and ledgers are going a little out of style with the use of debit cards and online banking applications, students should know how to balance a checkbook. This essential step is all about knowing how much money you have, especially after making a deposit or a purchase. Once a student gets the hang of balancing a checkbook, they have a better grasp of what money management is.

How to save for an emergency fund: High school students love to live in the moment, so very few of them actually think about something happening in the future. Learning about saving for an emergency fund is very important, as it will give them a head start for saving. They should know what constitutes as an emergency, which is something even some adults have a hard time grasping.

The Damage The Fiscal Cliff Tax Changes Will Do To Your Wallet – You’ll Lose Thousands

by Guest Contributor

What is going to happen on the 1st of January 2013 if the fiscal cliff is not resolved by Congress? How is the average taxpayer going to be affected by the fiscal cliff tax changes? The truth of the matter is that the middle class citizens of America are going to see their federal tax bills increase by thousands of dollars. There is also one critical mistake that we are all making that will make the fiscal cliff even worse for every person if we do not change our ways. I’m not talking about the things that are going on in Washington. There is a problem on Main Street in every city with the fiscal cliff as well.

The fiscal cliff refers to the President Bush era tax cuts were enacted in the early 2000s that are expected to expire this year. We have been kicking the can down the street for years and extending the expiration, but this year they are coming due unless Congress acts. Having these tax cuts expire will have a tremendous impact on every working American.

The Obama Administration has proposed eliminating $150 billion worth of tax breaks over the next ten years as part of his administration’s negotiations as a way to avert the dangerous fiscal cliff that the country faces at the first of the year. The tax cuts include deductions and tax breaks that are currently in place for fossil fuel companies, the valuation of company’s inventory levels, and changes in the tax rates on low capital-gains for some types of investments and real estate.

Here are some of the ways that you will be affected and what you can expect. There is also one critical mistake that we are all ignoring too that will have a very devastating impact on your wallet if not addressed.

Kicking The Can Down The Road

In December 2010, the United States Congress passed the Job Creation Act of 2010 which also addressed tax relief and unemployment insurance. The law also extended the Bush era tax cuts for an extra two years. It only applied patchwork solutions and exemptions to the Alternative Minimum Tax (AMT). So, can we expect Congress to continue to kick the can down the road and not pass substantial legislation to fix the problem? It is indeed a very real possibility. We could see them only fixing the fiscal cliff problem partially and passing new laws that address the problem for the next few years ago. Now is the time with the lull in the election cycle to tackle this and other hard problems that need bipartisan support.

How to Save Money When Buying a Purebred Dog

by Hank Coleman

I have come to realize that there are many things that you must consider before buying a purebred dog. Meet the newest member of the Coleman family, Winston, in the picture to the right. After much consternation and nail-biting, my family and I finally decided to get a dog. This was a long, hard-fought battle of when and what breed to get. When is the right time to buy a dog? I don’t think there is one. I’m not sure what we were waiting for actually. I joked with a friend the other day that it was a little akin to waiting for the right time to have children. If you wait for the perfect time, you’ll never have children. … Read more

Three Ways To Get Out Of A Bad Financial Decision

by Hank Coleman

We have all made mistakes in both our lives and with our finances. A bad financial decision does not have to completely cripple you financially though. There are a few things that you can do to try and get out of a bad financial decision. Here are a few tips that you may want to try instead of simply abandoning your debt which should almost never be your course of action. Look For Secondary Markets To Sell Your Mistake There are many secondary markets where you can sell your bad financial decision to someone else who might be able to afford it. If you are upside down on your car, you can try to sell it on Craigslist or to … Read more

Three Top Money Tips For College Freshmen

by Hank Coleman

If you could go back and tell your “past” self one thing, what would you tell him? Would you tell yourself to go a little easier with credit cards? Do you wish that you had started investing at a young age? Have your parents tried to give you advice and money tips for first-year college students? Here are some of the best money tips for college freshmen to know as they head off to college. What you learn can help you for a lifetime. With college students about the flood of our nation’s colleges and universities in the coming weeks, there are several money tips for college freshmen, and the rest of the student body should heed. Three Money Tips For … Read more

Top Tips to Save Money on Your Water Bill in Your Home

by Hank Coleman

Advantages Of Dividend Reinvestment Plans

If you live in a drought-prone region, such as the American Southwest, you know that water is in short supply. As a result, water is often expensive. And, the more you use equates into the more that you have to pay for this often scarce resource. Do you know how to save on your water bill?

Here are some basic tips to help you save money on your water bill.

Saving Water Inside Your Home

In the home, you can save water in a variety of places. In the kitchen, you should concentrate on saving water. Always use your dishwasher in order to save money on your water bill.

Contrary to popular belief, it actually takes more water to wash dishes by hand than it does to run the dishwasher. And, when you use the dishwasher, do not pre-rinse your dishes. You should simply just scrape and put the plates inside because today’s modern dishwashers are very powerful at removing grime from your plates.