Why You Should Create a College Fund for Your Kids Now

Posted by Elizabeth Retton

None of us are getting any younger, and you could swear that every time you turn around your child has magically aged; it seems like just yesterday he was taking his first steps and now he’s starting school!  The point is, time is flying and your child is going to be heading off for college quicker than you can imagine.  If you haven’t set aside a college fund in preparation for this eventuality you could find yourself scraping for money to ensure that he gets the best education (or telling him you just can’t afford to send him to an Ivy League school because you don’t have the cash).  So if you’ve been meaning to do it for years but it just keeps getting put on the back burner, here are a few good reasons to lite a fire and start up a college fund.

1. Inflation.  You may think that the price of higher education is astronomical now, but over the course of your child’s maturation to adulthood, it’s bound to go up.  Even if you start a savings account the day your baby is born and contribute to it regularly until he’s 18, the rate at which you earn interest isn’t likely to coincide with the rising costs of living.  This means you’re already one step behind.  So you need to start thinking about how much you can set aside each month and how you’re going to make it work for you.
2. Give investments time to grow.  Even the best investments won’t mature overnight, so if it’s getting to the eleventh hour (your kid is already prepping for the SAT, for example), you might have waited too long.  If you don’t want to have to roll the dice at the last minute by putting your little nest egg into high-risk stocks and hoping that they pay off, start investing wisely while your child is still young and continue to invest until it’s time to send him off to the ivory tower.
3. Admission doesn’t equal scholarship.  Just because your child receives the honor of an acceptance letter into Harvard or Yale doesn’t mean he’ll get a scholarship to go with it.  You want to believe that your child is capable of anything, so put your money where your mouth is.  If he ends up at a state school, well, he’ll have some money for a down payment on his first home, too.  If he ends up at an Ivy League law school, he can buy you a house.
4. Don’t count on help.  Federal financial aid, government grants, and outside scholarships are all great…for the student that is eligible.  But if you’re doing well enough to make ends meet, your child may not qualify for some (or all) of these free monies.  Keep that in mind if you’re counting on someone else to foot the bill for your child’s college education.
5. Options.  Some parents think the public school system is good enough, while others would rather pay for private institutions.  And then there are those that opt for home tuition so they can exercise more control over their child’s education.  As a parent, you have options when it comes to educating your kid.  Don’t you want him to have just as many choices when it comes to selecting his university of choice?  The sooner you start saving, the more money you’ll have in the college fund so that the world can be your high-school grad’s oyster.

Posted by Katya Mikulich

Shopping for comfortable shoes can be exciting without breaking your budget. Here are five tips to keep your bank account and your feet happy.

1. Shop for off-season footwear. Some of the best shopping deals come as stores prepare to switch their inventory for the upcoming season. They will reduce prices to clear room for new items. This is a great time to shop, because you will be able to find a lot of discounts and clearance specials on trendy clothing.

2. Go with the classics. Classic styles are always popular and fashionable. This makes them more affordable than unique designs. You can also be sure that your classic footwear will match a wider variety of outfits.

3. Match your wardrobe. While many people go with basic colors for footwear, unique colors may be sold at a discounted price. Take a quick survey of your wardrobe, and then search for sales that will allow you to match from head to toe.

4. Take your time to shop. Go to a variety of stores while you are shopping. Compare prices, and look for less expensive styles that are similar to the costly ones. You may find a great bargain in an unexpected place. You may also receive frequent shopper rewards from stores that you visit. Those rewards can lead to a great deal on a pair of shoes.

5. Search for sales. Stores will often have annual shoe sales, or they may offer coupons on occasion. Look for deals and discounts, and you will be able to fill up your shoe organizer in no time.

When you can buy shoes at great prices, it’s hard to tell yourself to pass on the deal. Be wise about the way you shop, and you will find that you can afford to purchase more footwear than you have room to store.

The Pros and Cons of Timeshares as an Investment

Posted by Money Tips Staff

Timeshares are handy for people who like to travel and who travel frequently, particularly if you visit the same places on a regular basis.  The concept of a timeshare is fairly simple:  multiple owners each pay for the right to spend allotted times in one property, often condominium units, typically for a week and usually at the same time each year.  For many people, the concept of sharing a property is difficult, even if you are fully aware that (theoretically, anyway) the time you buy is your own.  You may want to weigh the benefits versus the prohibitions when considering whether or not to invest in a timeshare.

Convenience is the biggest pro to consider when making your decision.  Owners in the timeshare are able to return at the same time to the same place every year with no hassle.  The staff who work at the timeshare take care of all the cleaning and maintenance, which means you won’t have to hire a caretaker.

Compare the cost of your weekly cost for a hotel room over the next several decades of vacationing.  Ultimately you will save more money by paying the timeshare fee up front, particularly if you figure that most timeshare property does not appreciate like other real estate.  However, you must keep this in mind if you are planning on selling later.

One of the biggest cons you are likely to encounter is the unethical practices of unscrupulous major industry players.  Sales staff are often aggressive and may not give you all the information up front that you need to make an informed decision.  If you are considering buying a timeshare as an investment, remember that timeshares generally do not appreciate in value.  However, in a good mark the value of timeshares is known to increase.  As an owner of a timeshare, you are not obligated to keep your timeshare for the entire allotted time of ownership.  You can sell your timeshare whenever you feel like it.  One of the biggest advantages is that you can rent it out as well, but make sure that you understand the rules of your timeshare first.

Remember that, when making a decision whether to invest in timeshare, that you keep other options open.  Fractional ownership is not the same as a timeshare.  “Fractional ownership” means that any asset is divided into portions or shares, and offers people more freedom, as they own part of the title of the asset and not just the time (as in a timeshare).   On the other hand, you may want to consider becoming a member of one of several residence clubs available.  These are usually highly luxurious, reminiscent of the service you would receive in a five star hotel, and require membership.  Some higher quality hotels run their own private residence clubs, which means that you can visit multiple properties rather than being confined to one place year after year.

When deciding whether or not to invest in a timeshare, make certain that you conduct plenty of research.  You must understand fluctuations in the real estate market and have an eye on the future.