This morning, I went on the Today show (in purple and white, the colors of my son’s new school!) to talk about the ways kids blow their budgets when they’re at college. To see why it’s good to budget dining dollars and open a bank account with a local bank, check out the video clip below.
After taking the show on the road to cover the Olympics, the TODAY show is finally back in Studio 1A, which means I’m back on Money 911! In today’s segment, we discussed how to make sure your child’s social security number hasn’t been compromised, as well as how to get ahead on your mortgage payments (hint: make 13 payments per year!). To see these tips and more, check out the video clip below.
“Do you recommend parents conduct a credit freeze for their minor children?”
- Tim, via Twitter
You actually can’t freeze a credit report unless there is a credit report to freeze – and your children, unless they’ve already been victims of identity theft or you’ve added them as an authorized user for your credit card, shouldn’t have a credit report. So unless you have reason to suspect fraud – in which case, you can contact a credit bureau to see if a file has been created using your child’s Social Security number – I’d focus on protecting your children’s identities in other ways:
- Give out their Social Security number only when necessary and, and keep it in a safe place at home. A large percentage of identity fraud is committed by friends and family members of the victim, believe it or not.
- Keep an eye toward red flags. Watch the mail for credit card offers in their name, a sign that there’s something fishy going on.
- Teach your children well. Namely, tell them not to share personal information – including their birthday, address, phone number and, of course, Social Security number, with strangers. This extends to Facebook and other social networks, which thieves tend to mine for information.
Everyone knows that college tuition is getting pricier and pricier. But would you believe that there are some ways you can save money when your kids go off to school? In my latest Daily Finance piece, I give you 5 ways to save, plus one way not to. Take a look — you might be surprised at what you can save!
This morning on Money 911, we heard from a man who wanted to use proceeds from his parent-in-laws’ estate towards his children’s college costs. To see what we told him about opening a 529 account, plus for information on how long it takes for a credit score to rebound, check out the video clip below.
In last week’s episode of Cash Call, we talked all about the ways grandparents can help their grandchildren. Whether it be money or actual financial advice, grandparents have so many gifts they can pass on to their grandkids. Financial expert Lynette Khalfani-Cox joined the discussion and provided some valuable advice of her own. Catch the full episode here!
According to research from EBRI, seven out of ten Americans aren’t saving enough. What’s worse, kids aren’t getting the message that saving is important, either. In my latest Daily Finance column, I tell you exactly what you need to know to get your kids on the path to saving like they should.
Think your kids don’t pay attention to you? It turns out they may be absorbing more than they let on — at least, when it comes to money. A recent study from the University of Arizona and the National Endowment for Financial Education found that parents are the most important factor in building financial capability for their children. If you don’t know where to start when it comes to your kids and money, check out my my latest New York Daily News column — I tell you how to set a good example and help your children’s financial literacy.
The class of 2011 graduated with more than just a diploma. They graduated with an average $22,900 in student loans and an additional $4,138 in credit card debt. These smarty pants may be able to speak Mandarin and dissect Faulkner’s greatest works, but when it comes to living on a budget and basic financial literacy, most of these grads don’t have a clue. To get them on track, I revealed 5 useful tips in my latest Newsweek article. Take a look!
According to the National Federation of Retailers, parents will spend up to $600 on school supplies for the 2011-2012 school year. This morning on Today, I talked about how you can cut those costs. To see why you should avoid that Justin Bieber backpack, check out the video clip below.