Finance Blog
Introducing: Family Money
It’s been a tough five years, any way you look at it.
A lot of us have lost jobs, taken pay cuts, or had to do without company 401(k) matches. At the same time, everything seems to cost more: the price of gas has gone above $4 per gallon any number of times, while the cost of food, energy, and insurance has skyrocketed.
At the same time, your household might have grown if you’ve had children, welcomed in elderly parents or relatives, or if you’ve had out-of-work family members move in to save money.
Doing more with fewer resources seems to be the name of the game everyone is playing right now. And while the economy does seem to be starting to turn around, it’s slow going.
This month, we’re re-launching the Equifax Finance Blog with some improvements we hope will help you spend less, save more, invest strategically, and do more with the resources you already have.
One of those changes is adding a new category of information: Family Money. The goal is to give you some fresh ideas about how you can stretch your resources in new and innovative ways. We have reached out to some new experts, including Miranda Marquit and Teri Cettina, but have also invited our regular Equifax Finance Blog contributors to weigh in.
It doesn’t take a genius to know that for most Americans, life over the past few years has changed in some fairly dramatic ways. Family Money recognizes that the choices you make for your family — for all those living under your roof — might be different than the choices you’d make for yourself alone. There are tax, insurance, investing and even real estate implications to these changes, and we hope that by shedding some light and offering useful information, we can help you walk further along the path to financial security.
Of course, this works best if you’re an active participant. Please feel free to leave comments, questions, and suggestions and we’ll do our best to tailor this information so that it help you make the right decisions, when you need to make them.
We’re here to help. Feel free to reach out and share your stories and your concerns. You can always reach me at Ilyce@thinkglink.com.
Ilyce R. Glink
Managing Editor
Equifax Finance Blog
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Hello Ilyce,
I am interested in finding out information about the best place to invest small amount of money for long term. I’m going to be a mother in a month or two (depending on when I deliver), and I have relatively small amount that I have saved up for the baby (<$3G). I wanted to invest money in some form of long-term investment, so the baby will have some money when he goes to college (18 years). Can you please give me ideas on what are the best places to invest? I checked with the local credit union's money market and CD rates, but they don't pay anything significant (0.15-0.65%).
Thank you,
NP
Atlanta
Hi NP:
Congratulations on your pregnancy! Being a mother has been one of the defining experiences of my life. I have loved raising two boys (Alex, 16, and Michael, 14)and am so excited to watch them enter new phases. (I have to be honest, though, I don’t miss midnight feedings!)
It’s a wonderful thing that you’ve managed to save up around $3,000. That’s a great start to your child’s future college tuition. Once the baby is born, you can open up a 529 College Savings Plan (check out http://www.savingforcollege.com) which will allow you to invest in mutual funds and not pay taxes on the earnings as long as the funds are used to pay for legitimate college expenses.
You, as the baby’s mom, can put in a significant amount of cash each year. Starting this fund out with $3,000 is a great way to start, and then you should make the commitment to put a little bit toward the account each month, so it becomes a habit.
The Georgia program is a good one – and if your child winds up getting free tuition (if they still have that program in 18 years), you can use the funds for college.
Good luck, and thanks for stopping by.
I think that “Family Money” is right on spot! As a mother of two teenagers & someone who moved in my elderly father (2006) and also my elderly in laws just before the economy downfall- I can certainly attest to spending my money WAY differently than a single (meaning no dependents) person. I look forward to seeing more posts from you regarding smart investing & how to get out of the “crunch.”.
Health care is one struggle for us. The health care for seniors in the USA is pathetic. If they’re not working- they aren’t eligible for Group Health Insurance. And Medicare will cover basic health care- but when our seniors need Assisted Living aid at home- their only option is going to a publicly funded Skilled nursing home or their family (if they have one) must pay out of pocket.
Jo Nan:
Thanks for your comment. I agree that Family Money is so key right now. And, it cuts in all directions: Parents, children, grandparents, grandchildren. We all need a variety of help with our financial planning.
Health care is such a huge component of family money. Watch this space because we’re going to use it to further the discussion of health care and what options we have as we age. For news about Medicare, check out this new website: http://www.MedicareNewsGroup.com.
Thanks for checking out family money. I hope you’ll be a regular visitor and will share this with your friends and family.