10 Tips for a Fresh Financial Start

By Suze Orman

With the start of a new year just around the corner, those with current financial burdens may be seeking advice on a fresh start.  Luckily we found a helpful article published by O Magazine and written by internationally acclaimed personal financial expert Suze Orman titled "10 Tips for a Fresh Financial Start".

Whether you are currently or soon-to-be in need of a financial clean slate, this article provides advice about how to get back on track.  Listed below are the 10 tips provided in the article, but you can click here if you would like to read the article in its entirety.

1. No blame, no shame
2. Take a snapshot of your finances
3. Adopt a fool-proof credit card strategy
4. Try harder to save
5. Separate savings from investments
6. Know your credit score
7. Evaluate your retirement plan
8. Diversify your assets
9. Don't obsess over your home's value
10. Protect your family and your nest egg

Click here if you would like to visit Suze Orman's website.

Did Your State Pass?

  CNN Money presented an interesting article on high school personal finance education. The Center for Financial Literacy at Champlain College has reviewed all 50 states and graded them. Eleven states recieved an F, where personal finance is not a requirement for students and may not even be offered. Missouri is one of seven states to pass with an A. Missouri requires students to enroll in a minimum of one semester to learning about personal finance. It is an extremely important topic for students to learn about. Only 40% of states recieved an A or B when graded on personal finance education. To learn more about how states were graded and how other states performed, please click here. 



Teaching Kids that Money Matters

By Emily Scott, Guest Blogger

How do you step outside of the textbooks and help your children learn about personal finance? There are six tips to help your children experience the meaning behind personal finance. To learn about giving children an applicable finance learning experience, click here.

The Real Reason You're Broke

Life is expensive no matter what your personal circumstances may be.  But by planning properly and making wise choices with your money, you may avoid financial turmoil.  A fun article was recently written which bluntly suggests several reasons that people become broke:

1. You spend good money on crap.

2. You don’t have a budget.

3. You don’t earn enough.

4. You don’t pay off your debt.

5. You don’t save.

6. You’re clueless about your investments.

Click here to read the full article and see what you can do to avoid putting yourself in a financial blunder. 

For richer or poorer

Kevin Krauskopf of the St. Joseph News-Press interviews Dan Danford and family financial education specialist Rebecca Travnichek about what couples can do together to avoid financial fallouts. They suggest getting help when you need it, communicating about finances often, setting mutual goals, knowing where your money is going, being honest with one another, setting ground rules, and considering getting separate checking accounts.

Considering the fact that money is a leading cause of divorce, it's crucial that couples work through their finances and stay on the same page.

Read the full article here.

Old rules no longer apply

In Tuesday's Globe and Mail, Roma Luciw discusses the old rules and new norms of personal finance, then answers questions about what has changed and why.

Click here to read the full article "Not your parents' personal finance rules."

Dad's Divorce: Explaining Interest Rates

Dan is a weekly contributor to Dad's Divorce, a web site for men going through the divorce process. The site may have been designed for men, but the advice usually can apply to anyone. In this week's edition of Money Made Easy, host Dan Danford answers this financial question from a viewer: Why are interest rates currently so low and when are they expected to increase again?

Danford, MBA, CRSP of Family Investment Center, offers his financial opinion on the current interest rates and when they might increase again.

Money Made Easy: Financial New Year's Resolutions

In this week's edition of Money Made Easy, Dan Danford answers this financial question from a viewer: What are some New Year's resolutions you think we should follow to help improve our finances?

Danford, of Family Investment Center, offers his financial advice on how you can have a better financial situation in 2011.

College Planning

Ebonee Bright
Family Investment Center

With college expenses skyrocketing and a decrease in resources available for financial aid, college costs are becoming more and more overwhelming for parents. College costs aren’t just tuition, books, and room & board anymore. There are hidden fees like school brand clothing, parking passes, Greek fees, formal events, health expenditures, and even parking fines.

It’s not too late to start planning for your child’s further education:

Fill out the Free Application for Federal Student Aid (FAFSA). Don’t wait until your taxes are complete to fill out the FAFSA, waiting will only result in an insufficient aid package or no financial aid at all. Even if you think your family won’t qualify to receive benefits there are other benefits from filling out the FAFSA. It is beneficial for borrowing low interest student loans and is often required for merit based grants and scholarships. Colleges also use the information to offer need-based work study programs and grants.

Discuss money management with your college student. It’s no secret that college students are notoriously bad at managing personal finances. Sharing information about tuition costs, book costs, and other costs with students will help them gain an understanding about the importance of financial planning. It is important that they understand the consequences for overspending and take responsibility for their finances.

Start a 529 College Savings Plan. The purpose of a 529 College Savings Plan is to fund future college costs. Having a savings plan does not exempt families from receiving financial aid. Prior to July 1, 2006 a 529 College Savings Plan was treated as a resource which reduced financial aid. Since then the 529 Savings Plan has been considered a parental asset and doesn’t influence financial aid eligibility for the student.

Gain information from trusted resources. Using financial planners can be beneficial to families who want to plan for college saving. Choosing a financial planner can determine your college funding needs and tailor a plan to help you meet them.