NEFE Features

Just as the school year creeps up on your kids, school-related expenses can creep up on you. Paper and pencils are only the beginning. Your daughter wants to try the cello this year. Your son is ready for football. And both kids want the best brand-name jeans and graphic tees to compete with their friends. "There’s no getting around many of these expenses,” says Paul Golden, spokesperson for NEFE. “But parents can cut their back-to-school bills with some creativity and planning.”

Ashley Clark is one cost-conscious bride. Thanks to some research and savvy budgeting, she planned her entire March wedding for less than $7,000, about a quarter of the average U.S. wedding budget of $28,385. Cost-conscious wedding guests and attendants would be wise to follow Clark’s lead. In tough economic times, many people weigh the costs of attending weddings carefully, especially when faced with multiple invitations and limited cash.

When college freshman Elisabet Torrents headed to the University of Wisconsin last fall, her parents had budgeted for tuition, room and board, books and other typical expenses. But soon into the school year, unforeseen costs arose. And Elisabet began calling home for money. It’s impossible to predict whether your child will experience unexpected costs or an emergency during his or her time in college. But by researching, planning and budgeting for the known and unknown, you’ll be less likely to experience a big financial hit.

With the cost of college tuition and fees outrunning inflation by some 5 percent a year over the past decade, parents and teens can feel overwhelmed affording books, technology and tuition. But you and your son or daughter can manage those costs through early and careful planning—and some smart shopping.

The pride you have in your new high-school graduate is boundless. Your budget for hosting a graduation celebration likely is not. NEFE offers these five tips to help you celebrate your graduate’s achievements with a memorable, yet affordable, party.

For most teens, the surge of cash they receive to commemorate their graduation achievement will be the largest amount of money they’ve ever had to manage. But that diploma doesn’t necessarily mean they have the answers to pass this financial test. Help your teen start his or her future off right by using that money wisely. NEFE offers these five smart moves for managing that high-school-graduation windfall.

For the past 18 years you’ve clothed your child, fed your child, and put a roof over his or her head. Your son or daughter is college-bound this fall—or perhaps returning as a sophomore. Summer is a good time to talk with your child about the ins and outs of managing housing, food and other living expenses while away at college.

The 3.3 million students projected to graduate from high school this year might feel they are ready to attend college or enter the work force. But those students’ diplomas don’t guarantee that they are prepared financially for their new ventures. Summer is the perfect time for parents to talk to their children about handling personal finances before they start their own lives. Here are some tips for covering banking basics with your child before he or she leaves the nest.

More than 14 million Americans are out of work, according to the Bureau of Labor Statistics. In 2009, nearly three-fourths of companies reduced their employee rosters. Losing a job is one of life’s most traumatic events, but this tax season may present an opportunity to alleviate some of your financial distress.

Tax season is the one time of year when nearly every American divulges personal information about his or her financial life to outsiders. Although services such as electronic filing and refund anticipation loans are convenient if you’re busy or need quick access to your refund, be aware that this creates optimal conditions for people to take advantage of you. Here are some of the most common red flags to watch for this tax season.

Looking for extra credit? New and extended tax credits for 2009 give taxpayers more opportunities to save on their tax bills—if they qualify. From credits for higher education and car purchases to home-related savings, here’s a rundown of what’s new for your 2009 return.

What’s the best way to handle a big tax refund from Uncle Sam? Avoid one altogether. Qualifying for a tax refund means you’ve overpaid the federal government in taxes for the previous tax year. With each paycheck, too much of your hard-earned money was withheld for federal taxes and not enough cash made it home to your wallet. But if the government still owes you this year, here are seven tips for using your tax refund wisely.

For most Americans, the New Year is a time for resolutions. Resolving to become a better person is admirable. But as we emerge from the recession—from which some of us are still reeling—it’s time for changes in financial habits that are permanent and have more staying power than the average beginning-of-the-year promises.

Buying on layaway, that thrifty practice your parents and grandparents knew so well, still has a pulse in the marketplace. And as the holiday shopping season shifts into high gear on Black Friday, shoppers of all income levels are considering the option. Of course, saving for holiday expenses throughout the entire year is still the best plan. But, if credit is not an option because your limits have been lowered, you are overextended or you just don’t want to pay on debt into 2010 and beyond, then layaway might offer the perfect solution.

It is no secret that with the economy in a tail spin, everyone is having a hard time making ends meet. So too are states, which face not only declining revenues, but the need to find millions of dollars for income tax refunds. California and Kansas are the first two to face that dilemma. California’s solution is to suspend refunds for a time. In Kansas, the governor and the legislature are trying to fashion a solution. If this could happen in California or Kansas could it happen where you live? It’s possible. And if you were counting on that refund now what?

This weekend, as retail-crazed women and their male counterparts in tow watch the heroine of the feature film Confessions of a Shopaholic spend her way through life, they may reflect on their own excessive spending habits. And, although fictitious Becky Bloomwood strives to repent her bad retail habits, when today’s women prepare to purge their splurge, they’ll likely look for resources online. Web-savvy shopaholics of 2009 can unite and make amends with their conscience.  

Look in the mirror. Will you resolve to get healthier in 2009 by losing weight or giving up smoking? Look in your wallet. Should you commit to improving your financial fitness? "The greatest gift you can give your family in 2009 is financial stability," says Ted Beck, president and CEO of NEFE. "Especially in a recession, it’s important to set a plan in motion to get out of debt and prepare for the uncertainties of the future.” NEFE suggests these five basic tips to shape up your finances in 2009.

Many retailers are anticipating an off-year due to a “bah humbug” economy, yet spending this holiday season is still expected to average $1,100 per household. "Considering the current economic climate, there is very little room right now for mistakes. Unfortunately for some, holiday spending will cause their financial security to backslide,” says Ted Beck, president and CEO of  NEFE. From gifts and parties to decorations and travel, there are numerous financial pressures associated with the holiday season.

"The best defense in these interesting economic times is to do nothing out of panic," says Brent Neiser, a Certified Financial Planner (CFP®) and director with the National Endowment for Financial Education. Take time to sit down with everyone in your family and talk about finances and the future and develop a plan. The economy looks to provide an interesting next couple of years, but Neiser says "a good financial and life plan will help smooth out the ride."

Thanks to the recent stock and bond market roller coaster ride, you might be thinking about borrowing against your home or withdrawing money from your 401(k) while you "ride out the storm." While it is never a bad idea to re-examine and rebalance your budget and portfolio, now is not the time for hasty decisions. In fact, now is the time to be even more cautious.

Even in a troubled economy, the cost of weddings remains high. In fact the typical price tag in the United States is $27,000, according to the wedding-related website The Knot. But weddings aren’t just costly for the bride, groom and their families. They also can place a heavy financial burden on guests and attendants.

Money is winging its way to millions of Americans in the form of tax refunds and economic stimulus payments. The question is: How do you plan to spend it? Some argue there is a social responsibility to use the stimulus payment to buy goods and services to bolster the weakening economy. However, most people would benefit more by following these five tips.

Spring is in the air—a time to renew and refresh our wardrobes, our lawns…and our money. This is the perfect time to take a look at your finances and make adjustments. Get started by following these four easy tips.

The following are tips the Colorado-based National Endowment for Financial Education® (NEFE®), thinks are essential for every college freshman to know.

Whether across town or across the country, Americans have never hesitated to pack up and head for greener pastures. The challenge is to keep the cost of moving to a minimum. The least stressful way to face that obstacle is by planning ahead.

Imagine this situation. You agree to go out to dinner with your friends at a restaurant of their choosing. When you arrive, you realize the place is out of your budget, but it’s too late to leave. Throughout dinner, you worry about how much your meal will cost and cannot focus on having a good time.

This November marks the 13th annual National Family Literacy Day. On this day, and all month long, events will be held nationwide to encourage children and parents to improve their literacy through activities such as taking trips to the library, reading books together and writing letters.

Do This Quiz and Take the First Step Toward Mutual Understanding

The first wave of the nation’s 78 million baby boomers will start sticking their big toes into retirement waters soon. Before diving in, experts recommend taking a few practice runs.

For most people, a trip to the mall is a harmless excursion. But for an estimated 2 percent to 8 percent of U.S. adults afflicted with “compulsive buying disorder,” overspending at the mall, shopping online or even bargain hunting at a backyard garage sale is an addiction with serious financial and emotional consequences.

From choosing your child’s name to selecting the color of his or her nursery, decision-making is a major task for two people about to start a family. For some expectant couples and new parents, one of the hardest choices can be between a dual- or single-income lifestyle. Often, it is the financial considerations that make this decision so difficult.

Choosing the age at which you will stop working and begin collecting retirement funds is among the most personal and important of decisions. Whether your plan is to quit work at age 50, or never completely leave the workforce, government regulations will have something to say about when, and how much, you can collect from Social Security and other retirement accounts. As if that isn’t enough to think about, some of these guidelines have changed in recent years. So, while keeping up with the most current set of rules is tiring, it’s also essential.

With the unemployment rate declining only slightly during the first few months of 2004, now may not seem like a wise time to change jobs, let alone careers. Still, life is short and job burnout is a reality, so if you feel the need for a major shift in your work life, you may want to go for it—just go for it slowly and deliberately to keep your financial footing.

For more money managment articles, visit our Smart About Money website. 

Just as the school year creeps up on your kids, school-related expenses can creep up on you. Paper and pencils are only the beginning. Your daughter wants to try the cello this year. Your son is ready for football. And both kids want the best brand-name jeans and graphic tees to compete with their friends. "There’s no getting around many of these expenses,” says Paul Golden, spokesperson for NEFE. “But parents can cut their back-to-school bills with some creativity and planning.”

Ashley Clark is one cost-conscious bride. Thanks to some research and savvy budgeting, she planned her entire March wedding for less than $7,000, about a quarter of the average U.S. wedding budget of $28,385. Cost-conscious wedding guests and attendants would be wise to follow Clark’s lead. In tough economic times, many people weigh the costs of attending weddings carefully, especially when faced with multiple invitations and limited cash.

When college freshman Elisabet Torrents headed to the University of Wisconsin last fall, her parents had budgeted for tuition, room and board, books and other typical expenses. But soon into the school year, unforeseen costs arose. And Elisabet began calling home for money. It’s impossible to predict whether your child will experience unexpected costs or an emergency during his or her time in college. But by researching, planning and budgeting for the known and unknown, you’ll be less likely to experience a big financial hit.

With the cost of college tuition and fees outrunning inflation by some 5 percent a year over the past decade, parents and teens can feel overwhelmed affording books, technology and tuition. But you and your son or daughter can manage those costs through early and careful planning—and some smart shopping.

The pride you have in your new high-school graduate is boundless. Your budget for hosting a graduation celebration likely is not. NEFE offers these five tips to help you celebrate your graduate’s achievements with a memorable, yet affordable, party.

For most teens, the surge of cash they receive to commemorate their graduation achievement will be the largest amount of money they’ve ever had to manage. But that diploma doesn’t necessarily mean they have the answers to pass this financial test. Help your teen start his or her future off right by using that money wisely. NEFE offers these five smart moves for managing that high-school-graduation windfall.

For the past 18 years you’ve clothed your child, fed your child, and put a roof over his or her head. Your son or daughter is college-bound this fall—or perhaps returning as a sophomore. Summer is a good time to talk with your child about the ins and outs of managing housing, food and other living expenses while away at college.

The 3.3 million students projected to graduate from high school this year might feel they are ready to attend college or enter the work force. But those students’ diplomas don’t guarantee that they are prepared financially for their new ventures. Summer is the perfect time for parents to talk to their children about handling personal finances before they start their own lives. Here are some tips for covering banking basics with your child before he or she leaves the nest.

More than 14 million Americans are out of work, according to the Bureau of Labor Statistics. In 2009, nearly three-fourths of companies reduced their employee rosters. Losing a job is one of life’s most traumatic events, but this tax season may present an opportunity to alleviate some of your financial distress.

Tax season is the one time of year when nearly every American divulges personal information about his or her financial life to outsiders. Although services such as electronic filing and refund anticipation loans are convenient if you’re busy or need quick access to your refund, be aware that this creates optimal conditions for people to take advantage of you. Here are some of the most common red flags to watch for this tax season.

Looking for extra credit? New and extended tax credits for 2009 give taxpayers more opportunities to save on their tax bills—if they qualify. From credits for higher education and car purchases to home-related savings, here’s a rundown of what’s new for your 2009 return.

What’s the best way to handle a big tax refund from Uncle Sam? Avoid one altogether. Qualifying for a tax refund means you’ve overpaid the federal government in taxes for the previous tax year. With each paycheck, too much of your hard-earned money was withheld for federal taxes and not enough cash made it home to your wallet. But if the government still owes you this year, here are seven tips for using your tax refund wisely.

For most Americans, the New Year is a time for resolutions. Resolving to become a better person is admirable. But as we emerge from the recession—from which some of us are still reeling—it’s time for changes in financial habits that are permanent and have more staying power than the average beginning-of-the-year promises.

Buying on layaway, that thrifty practice your parents and grandparents knew so well, still has a pulse in the marketplace. And as the holiday shopping season shifts into high gear on Black Friday, shoppers of all income levels are considering the option. Of course, saving for holiday expenses throughout the entire year is still the best plan. But, if credit is not an option because your limits have been lowered, you are overextended or you just don’t want to pay on debt into 2010 and beyond, then layaway might offer the perfect solution.

It is no secret that with the economy in a tail spin, everyone is having a hard time making ends meet. So too are states, which face not only declining revenues, but the need to find millions of dollars for income tax refunds. California and Kansas are the first two to face that dilemma. California’s solution is to suspend refunds for a time. In Kansas, the governor and the legislature are trying to fashion a solution. If this could happen in California or Kansas could it happen where you live? It’s possible. And if you were counting on that refund now what?

This weekend, as retail-crazed women and their male counterparts in tow watch the heroine of the feature film Confessions of a Shopaholic spend her way through life, they may reflect on their own excessive spending habits. And, although fictitious Becky Bloomwood strives to repent her bad retail habits, when today’s women prepare to purge their splurge, they’ll likely look for resources online. Web-savvy shopaholics of 2009 can unite and make amends with their conscience.  

Look in the mirror. Will you resolve to get healthier in 2009 by losing weight or giving up smoking? Look in your wallet. Should you commit to improving your financial fitness? "The greatest gift you can give your family in 2009 is financial stability," says Ted Beck, president and CEO of NEFE. "Especially in a recession, it’s important to set a plan in motion to get out of debt and prepare for the uncertainties of the future.” NEFE suggests these five basic tips to shape up your finances in 2009.

Many retailers are anticipating an off-year due to a “bah humbug” economy, yet spending this holiday season is still expected to average $1,100 per household. "Considering the current economic climate, there is very little room right now for mistakes. Unfortunately for some, holiday spending will cause their financial security to backslide,” says Ted Beck, president and CEO of  NEFE. From gifts and parties to decorations and travel, there are numerous financial pressures associated with the holiday season.

"The best defense in these interesting economic times is to do nothing out of panic," says Brent Neiser, a Certified Financial Planner (CFP®) and director with the National Endowment for Financial Education. Take time to sit down with everyone in your family and talk about finances and the future and develop a plan. The economy looks to provide an interesting next couple of years, but Neiser says "a good financial and life plan will help smooth out the ride."

Thanks to the recent stock and bond market roller coaster ride, you might be thinking about borrowing against your home or withdrawing money from your 401(k) while you "ride out the storm." While it is never a bad idea to re-examine and rebalance your budget and portfolio, now is not the time for hasty decisions. In fact, now is the time to be even more cautious.

Even in a troubled economy, the cost of weddings remains high. In fact the typical price tag in the United States is $27,000, according to the wedding-related website The Knot. But weddings aren’t just costly for the bride, groom and their families. They also can place a heavy financial burden on guests and attendants.

Money is winging its way to millions of Americans in the form of tax refunds and economic stimulus payments. The question is: How do you plan to spend it? Some argue there is a social responsibility to use the stimulus payment to buy goods and services to bolster the weakening economy. However, most people would benefit more by following these five tips.

Spring is in the air—a time to renew and refresh our wardrobes, our lawns…and our money. This is the perfect time to take a look at your finances and make adjustments. Get started by following these four easy tips.

The following are tips the Colorado-based National Endowment for Financial Education® (NEFE®), thinks are essential for every college freshman to know.

Whether across town or across the country, Americans have never hesitated to pack up and head for greener pastures. The challenge is to keep the cost of moving to a minimum. The least stressful way to face that obstacle is by planning ahead.

Imagine this situation. You agree to go out to dinner with your friends at a restaurant of their choosing. When you arrive, you realize the place is out of your budget, but it’s too late to leave. Throughout dinner, you worry about how much your meal will cost and cannot focus on having a good time.

This November marks the 13th annual National Family Literacy Day. On this day, and all month long, events will be held nationwide to encourage children and parents to improve their literacy through activities such as taking trips to the library, reading books together and writing letters.

Do This Quiz and Take the First Step Toward Mutual Understanding

The first wave of the nation’s 78 million baby boomers will start sticking their big toes into retirement waters soon. Before diving in, experts recommend taking a few practice runs.

For most people, a trip to the mall is a harmless excursion. But for an estimated 2 percent to 8 percent of U.S. adults afflicted with “compulsive buying disorder,” overspending at the mall, shopping online or even bargain hunting at a backyard garage sale is an addiction with serious financial and emotional consequences.

From choosing your child’s name to selecting the color of his or her nursery, decision-making is a major task for two people about to start a family. For some expectant couples and new parents, one of the hardest choices can be between a dual- or single-income lifestyle. Often, it is the financial considerations that make this decision so difficult.

Choosing the age at which you will stop working and begin collecting retirement funds is among the most personal and important of decisions. Whether your plan is to quit work at age 50, or never completely leave the workforce, government regulations will have something to say about when, and how much, you can collect from Social Security and other retirement accounts. As if that isn’t enough to think about, some of these guidelines have changed in recent years. So, while keeping up with the most current set of rules is tiring, it’s also essential.

With the unemployment rate declining only slightly during the first few months of 2004, now may not seem like a wise time to change jobs, let alone careers. Still, life is short and job burnout is a reality, so if you feel the need for a major shift in your work life, you may want to go for it—just go for it slowly and deliberately to keep your financial footing.

For more money managment articles, visit our Smart About Money website.