family finances http://www.wisebread.com/taxonomy/term/10339/all en-US 9 Ways Getting Married Is Good for Your Finances http://www.wisebread.com/9-ways-getting-married-is-good-for-your-finances <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/9-ways-getting-married-is-good-for-your-finances" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/wedding-3645941-small.jpg" alt="wedding" title="wedding" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>Regardless of whether you believe in marriage, walking down the aisle has its benefits. On average, <a href="http://www.huffingtonpost.com/2013/09/25/happy-marriage_n_3990914.html">married couples live healthier lives</a> than those not married; and there's evidence that underprivileged children are &quot;<a href="http://www.theatlantic.com/business/archive/2013/10/marriage-makes-our-children-richer-heres-why/280930/">more likely to graduate college</a> and earn more if raised by two married parents.&quot; (See also: <a href="http://www.wisebread.com/happily-ever-after-how-to-stay-married-for-29-years-and-counting?ref=seealso">How to Stay Happily Married for 29 Years</a>)</p> <p>But the potential benefits don't stop here.</p> <p>Some couples don't live together until after marriage. And for those in this category, newly combined incomes can provide some amazing financial benefits.</p> <p>Not that you should marry only for financial reasons. But if you and your partner are contemplating marriage, here are nine possible benefits.</p> <h2>1. Better Auto Insurance Rates</h2> <p>Auto insurance companies typically offer discounts when there are multiple vehicles under one policy. Therefore, consolidating your insurance policies might be cheaper than paying two separate policies.</p> <p>After getting married, ask your insurance carrier to provide rate quotes for adding another vehicle to your policy. Also, if you purchase a home or rent an apartment, you can enjoy additional savings by acquiring your homeowner's insurance or renter's insurance from the same company that handles your auto coverage.</p> <p>Unfortunately, a cheaper auto policy is only possible if both of you have good driving records. If your spouse is a high-risk driver, consolidating policies can raise your premiums. (See also: <a href="http://www.wisebread.com/6-mistakes-to-avoid-when-shopping-for-car-insurance?ref=seealso">Avoid These Mistakes When Shopping for Auto Insurance</a>)</p> <h2>2. Increased Financial Stability</h2> <p>If you lived alone prior to marriage, getting married might increase your household income, thus increasing your financial stability.</p> <p>Job loss can happen. But with both spouses working, a job loss doesn't always mean financial ruin. Even if the working spouse doesn't earn enough to fully support the family, some income is better than none; and this income might cover the majority of expenses until you're able to secure employment.</p> <h2>3. Access to Health Insurance</h2> <p>Once you say, &quot;I do,&quot; your spouse can add you to his or her employer health plan, and vice versa. Coverage is typically available within 30 days of tying the knot, and you don't have to wait for open enrollment periods. This is a major perk if you can't get health insurance through your employer, or if you're self-employed and can't afford coverage.</p> <h2>4. Easier to Secure a Mortgage Loan</h2> <p>Qualifying for a home loan on your own can be a real challenge, especially if home values are through the roof in your local market. But as a married couple buying your first place together, the lender uses your combined income to determine whether you qualify for financing and how much you can afford. (See also: <a href="http://www.wisebread.com/choosing-the-right-mortgage-loan-15-or-30-years?ref=seealso">Choosing the Right Mortgage Loan</a>)</p> <h2>5. Cheaper Loan Rates</h2> <p>If you have a low credit score and your spouse has a near-perfect credit score, mortgage lenders will likely use the <a href="http://business.time.com/2012/02/13/5-credit-facts-for-couples/">lower of both scores</a> to determine your rate, which can result in paying more for your house. However, if your spouse applies for the mortgage alone, you'll receive a better rate.</p> <p>Since the bank will only use one income to determine affordability, this reduces how much you're able to spend on a property. And although your name isn't on the mortgage loan, you're still allowed to be on the mortgage title.</p> <h2>6. Additional Resources to Pay Off Debt</h2> <p>As much as you wish to pay off your credit cards, it's often challenging on a single income. If you and your spouse didn't live together before marriage, combining your income after marriage and sharing household expenses increases your disposable income. Use the extra cash to pay off credit cards and other loans.</p> <h2>7. Opportunity to Build a Savings Account</h2> <p>Not only can disposable income pay off debt, there's the opportunity to start or grow your cash reserves. Save up for a down payment for a house, make home improvements, or get a jump start on retirement planning.</p> <h2>8. Reduces Your Tax Liability</h2> <p>As a married couple filing jointly, you can pay <a href="http://www.learnvest.com/2013/03/which-costs-more-being-single-or-married/">less taxes than you would as a single person</a>. This is because combined earnings might push you into a lower bracket, more so if one spouse earns considerably more than the other.</p> <p>&quot;A single person earning $40,000 a year pays $6,181 in taxes on that income, while a married individual with the same income pays only $5,162 &mdash; a <a href="http://www.theatlantic.com/sexes/archive/2013/01/the-high-price-of-being-single-in-america/267043/">savings of more than $1,000</a> annually,&quot; reports The Atlantic.</p> <p>There are, however, exceptions to this rule. Because of the marriage penalty, some high-earning couples who file a joint return move to a higher tax bracket, and end up paying more in taxes than if they were single. (See also: <a href="http://www.wisebread.com/the-10-worst-tax-moves-you-can-make?ref=seealso">Worst Tax Moves</a>)</p> <h2>9. Assistance Buying Household Items</h2> <p>When planning marriage, most couples also plan a ceremony. They can say their vows in front of close family and friends, and then celebrate at the reception.</p> <p>Gift giving is customary when a couple ties the knot, and guests are generally happy and eager to bring a present. Just to be clear, you shouldn't get married just for the gifts. But if wedding plans are already in the works, a gift registry can be a lifesaver &mdash; especially if you're young and moving into your first place together.</p> <p>The cost of moving into a new place and starting a life together adds up quickly; but with friends and family assisting with common purchases &mdash; glassware, a microwave, inexpensive home furnishings, bath accessories, and other household items &mdash; you can <a href="http://www.wisebread.com/10-money-saving-gifts-to-put-on-your-wedding-registry">get the things you need</a> without going broke. (See also: <a href="http://www.wisebread.com/what-to-put-on-and-leave-off-your-wedding-registry?ref=seealso">What to Put on Your Wedding Registry</a>)</p> <p><em>Do you know of other financial benefits to marriage that you'd like to share? Let me know in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/9-ways-getting-married-is-good-for-your-finances">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-protect-yourself-financially-during-a-divorce-or-separation">How to Protect Yourself Financially During a Divorce or Separation</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-secrets-you-need-to-tell-your-financial-adviser">11 Secrets You Need to Tell Your Financial Adviser</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-morning-mantras-that-ll-help-keep-your-finances-on-track">8 Morning Mantras That’ll Help Keep Your Finances on Track</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/could-a-divorce-improve-your-finances">Could a Divorce Improve Your Finances?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-you-letting-fomo-ruin-your-finances">Are You Letting FOMO Ruin Your Finances?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Life Hacks family finances finances marriage taxes Fri, 25 Apr 2014 08:24:20 +0000 Mikey Rox 1136815 at http://www.wisebread.com Best Money Tips: Talking to Kids About Family Finances http://www.wisebread.com/best-money-tips-talking-to-kids-about-family-finances <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-talking-to-kids-about-family-finances" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/kid-dad-5081684-small.jpg" alt="father and son" title="father and son" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>Welcome to Wise Bread&#39;s <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some great articles on taking to kids about family finances, saving money to live your dream, and cutting costs without cutting corners.</p> <h2>Top 5 Articles</h2> <p><a href="http://parentingsquad.com/10-tips-for-talking-to-kids-about-family-finances">10 Tips for Talking to Kids About Family Finances</a> &mdash; When talking to your kids about family finances, talk to them at their age level. [Parenting Squad]</p> <p><a href="http://bargainbabe.com/how-to-save-money-to-live-your-dream/">How to Save Money to Live Your Dream</a> &mdash; To save money, track your spending to uncover leaks in your spending. [Bargain Babe]</p> <p><a href="http://www.moneyunder30.com/frugal-is-fun-10-ways-to-cut-costs-without-cutting-corners">Frugal can be fun: 10 Ways to Cut Costs Without Cutting Corners</a> &mdash; Make DIY soda and clip coupons to cut costs without cutting corners. [Money Under 30]</p> <p><a href="http://moneysmartlife.com/working-financial-professional/">4 Tips for Working More Effectively with a Financial Professional</a> &mdash; Work more effectively with financial professionals by being willing to implement their advice. [Money Smart Life]</p> <p><a href="http://www.freemoneyfinance.com/2013/11/how-to-buy-a-house-and-pay-off-the-mortgage-in-less-than-10-years.html">How to Buy a House and Pay Off the Mortgage in Less Than 10 Years</a> &mdash; If you want to buy a house and pay off the mortgage in less than 10 years, buy an affordable house and put 20% down. [Free Money Finance]</p> <h2>Other Essential Reading</h2> <p><a href="http://freefrombroke.com/where-to-educate-yourself-for-free-online/">Where to Educate Yourself for Free Online - You Don&#39;t Need to Spend to Learn</a> &mdash; To educate yourself for free online, check out TED Talks and Khan Academy. [Free From Broke]</p> <p><a href="http://www.cashthechecks.com/business-ideas/the-5-reasons-you-arent-getting-a-raise.html">The 5 Rasons You Aren&#39;t Getting A Raise</a> &mdash; You might not be getting a raise if you are already overpaid. [Cash The Checks]</p> <p><a href="http://www.savvysugar.com/Tips-Writing-Self-Evaluation-5772951">5 Tips for Writing a Perfect Self Evaluation</a> &mdash; If you want to write a perfect self-evaluation, be constructive and clear. [PopSugar Smart Living]</p> <p><a href="http://onecentatatime.com/3-ways-house-losing-money/">4 Ways your House Can Lose you Money</a> &mdash; Your house can lose you money through upkeep and energy leaks. [One Cent At A Time]</p> <p><a href="http://cashmoneylife.com/can-become-career-coach/">Can You Become a Career Coach?</a> &mdash; Do you want to become a career coach? Make your services available to college career counseling centers. [Cash Money Life]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> of <a href="http://www.wisebread.com/best-money-tips-talking-to-kids-about-family-finances">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-much-should-your-kids-know-about-your-finances">How Much Should Your Kids Know About Your Finances?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-ways-getting-married-is-good-for-your-finances">9 Ways Getting Married Is Good for Your Finances</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-money-conversations-parents-should-have-with-their-adult-kids">7 Money Conversations Parents Should Have With Their Adult Kids</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-smart-financial-gifts-to-give-your-kids-this-year">6 Smart Financial Gifts to Give Your Kids This Year</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-start-a-family-before-reaching-these-5-money-goals">Don&#039;t Start a Family Before Reaching These 5 Money Goals</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance best money tips family finances finances kids Wed, 06 Nov 2013 10:00:04 +0000 Ashley Jacobs 1076841 at http://www.wisebread.com Save Money with a Dependent Care Tax Credit and FSA http://www.wisebread.com/save-money-with-a-dependent-care-tax-credit-and-fsa <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/save-money-with-a-dependent-care-tax-credit-and-fsa" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/child_care_xin.jpg" alt="Baby" title="Baby" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>If you pay for the care of a dependent, then you may be able to save several thousand dollars a year via a dependent care flexible spending account (FSA) or the Child and Dependent Care Credit. Here is a quick guide to how you can maximize your savings:</p> <h3>Eligible Expenses</h3> <p>The expenses you can claim are usually the same for dependent care FSAs and the Child and Dependent Credit: the amount you pay to someone other than your spouse for the care of a child or dependent. If you are claiming expenses for the care of a child, the child must be under 13 years old. If you are not claiming a child, then the person you are caring for must qualify as an exemption on your tax return. Basically, your dependent must be unable to take care of himself or herself and have lived with you for at least half of the tax year. The expenses incurred also must be due to the need to work. You should keep detailed receipts of who provided the care and their tax identification numbers in order to back up the claim for your expenses. (See also: <a href="http://parentingsquad.com/tips-for-choosing-and-using-a-babysitter">Tips for Choosing and Using a Babysitter</a>)</p> <h3>The Dependent Care Flexible Spending Account</h3> <p>The dependent care <a href="http://www.wisebread.com/what-you-need-to-know-about-your-fsa">flexible spending account</a> is a common benefit at workplaces. It has a contribution limit of $5,000 per family, but the contribution is pre-tax, so you get to keep more of your wages. The money is taken out of your paychecks, and you can claim a reimbursement with a valid receipt from a caretaker or preschool. Because the FSA contribution is exempt from federal income tax, payroll taxes, and most state taxes, the maximum amount that families can save with a dependent care flexible spending account varies by their residence and tax brackets. For example, if you were a Californian with a 15% federal income tax, 9.55% state income tax, and a 7.65% payroll tax for a total tax burden of 32.2% and you contributed and spent the full $5,000, it works out to be a savings of about $1,610.</p> <h3>The Child and Dependent Care Credit</h3> <p>The Child and Dependent Care Credit allows a 20% to 35% credit for up to $3,000 of expenses for one dependent. The percentage of credit varies by the income of the tax filer. If your family makes over $43,000 a year, then the credit would be 20% of the expenses you incurred. If you have more than one dependent, you can claim up to $6,000 of expenses. However, you need to subtract the amount you contributed to a dependent care FSA from the amount you claim. So if you already had $5,000 in your FSA and you had more than $6,000 of eligible expenses, you can only claim $1,000 in expenses for the purpose of the tax credit. This means that the maximum credit is $600 to $1,050 if you have one dependent and $1,200 to $2,100 if you have two or more dependents. The percentage of credit varies by the income of the tax filer. Currently the 35% credit is available to families making less than $15,000 a year, and then it gradually decreases to 20% for families making more than $43,000 a year. Since the median household income of the United States is around $46,000, most families will receive a 20% credit. The full details are in <a href="http://www.irs.gov/pub/irs-pdf/p503.pdf">IRS Publication 503</a> (PDF).</p> <h3>How to Maximize Your Savings</h3> <p>What is the best choice for your family? Let's assume that you are in a family with the median household income of $46,000. Here are some possible scenarios:</p> <p><strong>Scenario 1: One Dependent&nbsp;<br /> </strong><br /> If you have one dependent and spend at least $5,000 a year, then contributing to the FSA is definitely more advantageous. This is because the tax credit you would receive is only $600, but the amount you save via the FSA is at least $1,132.50 due to a federal income tax savings of 15% and a payroll tax savings of 7.65%. If you have a state tax that's waived on the contribution, then you would save more.</p> <p><strong>Scenario 2: Two or More Dependents</strong></p> <p>If you have two or more dependents and spend at least $6,000, then you should still contribute $5,000 to the FSA and claim $1,000 in expenses for the tax credit. This will yield an additional savings of $200 over the first scenario.</p> <p><strong>Scenario 3: No FSA Available</strong></p> <p>If your workplace doesn't offer the FSA, then you should take the full tax credit available to you. This is a tax credit that is often overlooked.</p> <p>My conclusion is that for most families, it is best to contribute to the FSA first for your dependent care expenses. The percentage of taxes saved is usually higher than what the tax credit would give, but the tax credit does give a boost in savings to low-income families and families that spend above the FSA contribution limit. Either way, if you currently have dependent care expenses, you should definitely run the numbers and see how much you can save.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/save-money-with-a-dependent-care-tax-credit-and-fsa">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-miss-out-on-this-easy-way-to-pay-for-child-care">Don&#039;t Miss Out on This Easy Way to Pay for Child Care</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-you-have-a-kid">Here&#039;s How Your Taxes Will Change After You Have a Kid</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-unexpected-expenses-of-a-new-baby">15 Unexpected Expenses of a New Baby</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-the-government-helps-disaster-victims-recover">6 Ways the Government Helps Disaster Victims Recover</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-how-your-taxes-will-change-after-marriage">Here&#039;s How Your Taxes Will Change After Marriage</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Family Financial News Taxes child care family finances FSA tax credits Tue, 01 Feb 2011 14:00:15 +0000 Xin Lu 486493 at http://www.wisebread.com Life and Death: The Related Taxes, and How It Affects Your Family http://www.wisebread.com/small-business/life-and-death-the-related-taxes-and-how-it-affects-your-family <div class="field field-type-link field-field-url"> <div class="field-label">Link:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="http://www.openforum.com/idea-hub/topics/money/article/life-and-death-the-related-taxes-and-how-it-affects-your-family-tom-harnish" target="_blank">http://www.openforum.com/idea-hub/topics/money/article/life-and-death-the-relate...</a> </div> </div> </div> <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/small-business/life-and-death-the-related-taxes-and-how-it-affects-your-family" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000006796696XSmall.jpg" alt="Mother and baby" title="Mother and baby" class="imagecache imagecache-250w" width="250" height="165" /></a> </div> </div> </div> <p>Death and taxes, Ben Franklin wrote, are the only things that are certain in this world. Margaret Mitchell indirectly added babies to the list when she wrote in&nbsp;<em>Gone With The Wind</em> that&nbsp;there's never a convenient time for death, taxes, or childbirth. But even if taxes are inconvenient and death is certain (or the other way around), there is much we can do to make them easier on our family.</p> <h3>Kids and Taxes</h3> <p>If your business isn&rsquo;t incorporated, hiring your kids can produce substantial tax savings. You can deduct what you pay them, and you won't pay Social Security or Medicare tax, and you usually won't have to pay state unemployment or disability taxes on the money, either. Together, your family will send less to Uncle Sam.</p> <p>Your children&rsquo;s income is taxed at the same rate as yours until they are 19 (or 24 if they're full-time students). You can help reduce the tax bite by encouraging them to put the money in tax-free municipal bonds or growth stocks they won't sell until they&rsquo;re 19 (or 24), when their tax rate probably will be much lower than yours.</p> <p>If your estate pays enough taxes to take a disproportionate hunk out of your kids' income (as discussed above), you might want to gift some of your money to them. You can give a gift to whomever you like, and as many people as you like, and you won&rsquo;t pay gift tax if the amount is less than $13,000 per recipient per year. This isn&rsquo;t to avoid inheritance tax, by the way &mdash; in 2010 there wasn&rsquo;t any thanks to President Bush&rsquo;s tax legacy &mdash; but in 2011 there will be a 35% tax on estates over $5 million as part of&nbsp;<a href="http://www.wisebread.com/how-will-the-obama-tax-cut-deal-affect-you">Obama&rsquo;s &ldquo;tax cuts.&rdquo;</a>&nbsp;Most people won&rsquo;t have to worry about that; but if you do, gifts today can avoid taxes tomorrow.</p> <p>Be careful if you loan your adult children (or anyone else) money. If they want to borrow more than $10,000, you have to charge them interest. If you don&rsquo;t, you have to report a certain amount anyway, just as if you&rsquo;d received it from them. Paying taxes on money you didn&rsquo;t receive doesn&rsquo;t seem fair, but that&rsquo;s the way the tax code works.</p> <p>Another way to help your kids is to help them earn the retirement savings credit. The retirement savings credit can be up to 50% of the first $2,000 they pay into an IRA or company retirement plan, but paradoxically it's only available to low-income taxpayers &mdash; the very people who are least able to afford to make the contribution. But you can help, if you have an adult child who's not a full-time student, by giving him or her the money to fund such a retirement contribution.&nbsp;</p> <h3>Death and Taxes</h3> <p>Now onto sadder topics: If you're terminally ill and want to keep your home in the family, think about selling it to your kids now. It won't help your taxes, but it could save them some after you're gone.</p> <p>If you have investments that have been losing money on paper, consider selling them, too, before you die. Their value will be &quot;stepped down,&quot; as it's called, on the date of your death, and your heirs won't be able to claim the loss, so you might as well do it now.</p> <p>If, happily, you aren't terminally ill but thinking about living a very long time, keep in mind that a portion of long term care insurance costs are deductible.</p> <h3>Business and Taxes</h3> <p>If you are a self-employed business owner, you have a number of options when it comes to income and expenses. If, for example, 110% of your income is over $150,000 you don't need to make estimated tax payments this year. And you can also push some income into 2012 if you wait to send out bills until December 31st. You can can also chose pay some business expenses before the end of the year to be sure you get the deduction this year.</p> <p>And now that we're thinking about shifting money, consider shifting some of your own compensation from salary to dividend. Your salary is taxed on the basis of your tax bracket, which is probably 25-35%, but dividends are taxed at a maximum of 15%.</p> <p>The tax bite on some expenses, like compensation, varies too. If you buy a new company car your first year write off is about $12,000. But Congress has provided a tax incentive for gas guzzling SUVs and pickups, believe it or not. They told the IRS to let you write off $25,000 of the big vehicles expenses the first year, and depreciate the balance over the next six.</p> <p>Keep track of medical bills carefully. If you have to make modifications to your home for medical necessities, such as wheelchair ramps or hand controls for your cars, for example, you can include those costs in your medical deductions.</p> <p>Travel expenses related to medical care can be deducted too &mdash; and not just car mileage. You can deduct $50 a night per person for lodging if you have to go somewhere for treatment.</p> <p>Finally, keep in mind that what you do and don't deduct from you taxes, and what income you do or don't report is a serious issue. The tax tips offered here are simply thought-starters. Be sure get advice from a tax accountant or tax attorney to know you're doing it right. Besides, if your taxes are prepared by a professional you are <a href="http://www.openforum.com/idea-hub/topics/money/article/8-invitations-to-an-irs-audit-kate-lister"><span>less likely to be audited</span></a>.&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tom-harnish">Tom Harnish</a> of <a href="http://www.wisebread.com/small-business/life-and-death-the-related-taxes-and-how-it-affects-your-family">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/save-money-with-a-dependent-care-tax-credit-and-fsa">Save Money with a Dependent Care Tax Credit and FSA</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/250-tips-for-small-business-owners">250+ Tips for Small Business Owners</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/business-succession-planning-part-2-how-life-insurance-will-insure-the-life-of-your-business">Business Succession Planning Part 2: How Life Insurance will insure the Life of Your Business</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-times-you-need-to-update-your-will">6 Times You Need to Update Your Will</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-disaster-known-as-the-california-state-budget">The Disaster Known as the California State Budget</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Small Business Resource Center Taxes business taxes estate planning family finances small business Thu, 20 Jan 2011 01:22:57 +0000 Tom Harnish 455894 at http://www.wisebread.com What QE2 Could Mean for Ordinary Americans http://www.wisebread.com/what-qe2-could-mean-for-ordinary-americans <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-qe2-could-mean-for-ordinary-americans" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/money_10.jpg" alt="Money" title="Money" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>The words &ldquo;quantitative easing&rdquo; tend to make the eyes glaze over. But this pending economic maneuver could have a real and significant impact on households nationwide.</p> <p>The Federal Reserve announced in early November its plan to purchase $600 billion in Treasuries in an attempt to stimulate growth and job creation. This will mark the second time in three years the Fed has turned to quantitative easing, as the measure is known.</p> <p>This second round, often referred to as QE2, has sparked controversy among economists and political leaders. More quantitative easing will lower long-term interest rates and, at least in theory, bolster business&rsquo;s access to credit. Borrowing money, whether for business capital expenditures or for a homeowner refinance, should become easier.</p> <p>At the same time, another round of quantitative easing will weaken the dollar. That will help make American exports cheaper, but it could also send commodity prices soaring.</p> <h3>Another Go-Round</h3> <p>The first round of quantitative easing (from late 2008 through spring 2010) is cited as one the turning points that helped pull back the economy from the brink. The Fed purchased about $1.7 billion in mortgage debt and Treasuries through this past March.&nbsp;</p> <h3>Impact on American Families</h3> <p>For most consumers, talk of quantitative easing and increased inflation is more likely to spur yawns than careful consideration. And that&rsquo;s understandable. Part of the problem is that economists and politicians alike have done a poor job of explaining what it all might mean for the average American.</p> <p>Here&rsquo;s a look at a few ways households and individual consumers may be affected by another round of quantitative easing, for better and worse:</p> <h3>Lower Interest Rates, at Least for Now</h3> <p>Quantitative easing is <a href="http://www.currencies.com/qe2/">designed to keep interest rates low</a> while spurring inflation. Home buyers and homeowners have enjoyed record-low interest rates for months. They&rsquo;re likely to trend even further downward, making it easier for consumers to refinance their mortgages or to even purchase new homes. The problem is that if inflation spins out of control, the Fed will likely reign it in by raising interest rates.</p> <h3>Decreased Purchasing Power</h3> <p>A weaker dollar is going to mean that commodities like oil and food will cost more. At the same time, Americans aren&rsquo;t earning more money than they were six or 12 months ago. In essence, that loaf of bread or basket of corn will require more dollars than it did before QE2 set in.</p> <h3>Bigger Banks and Bottom Lines Benefit</h3> <p>QE2 is really geared toward pushing big banks and investors to spend. The general concept is that the purchasing of government bonds &ldquo;should push investors into riskier assets &mdash; such as stocks and corporate bonds &shy; &mdash; and raise their value,&rdquo; according to the <a href="http://blogs.wsj.com/economics/2010/11/03/qa-on-qe2-what-a-fed-move-would-mean/"><em>Wall Street Journal</em></a>. This is a period of &ldquo;easy money.&rdquo; But there&rsquo;s typically little to no impact on the average consumer&rsquo;s savings and money market accounts.</p> <h3>Will It Work?</h3> <p>The Fed reiterated its commitment this week to a second round of quantitative easing. The central bank has already purchased more than $114 billion in Treasuries since mid-November.</p> <p>Economists are split on what this second round will accomplish.&nbsp;It&rsquo;s unclear whether this rolling injection of cash into the economy will lead to job creation and temper unemployment. In the short term, it&rsquo;s certainly likely to raise the tempers of some ordinary consumers as they face the prospect of doing more with less.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/chris-birk">Chris Birk</a> of <a href="http://www.wisebread.com/what-qe2-could-mean-for-ordinary-americans">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/could-trump-bring-higher-interest-rates-and-inflation-consider-these-money-moves">Could Trump Bring Higher Interest Rates and Inflation? Consider These Money Moves</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-is-quantitative-easing-anyway">What is &quot;Quantitative Easing&quot; Anyway?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/oh-noes-inflation">Oh noes! Inflation!</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/save-money-with-a-dependent-care-tax-credit-and-fsa">Save Money with a Dependent Care Tax Credit and FSA</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-reasons-the-fed-is-keeping-rates-low-and-what-it-means-for-you">3 Reasons the Fed Is Keeping Rates Low (And What It Means for You)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Financial News family finances federal reserve interest rates quantitative easing Mon, 20 Dec 2010 13:00:09 +0000 Chris Birk 393133 at http://www.wisebread.com Escape the Economic In/Out Patient Care Cycle http://www.wisebread.com/escape-the-economic-inout-patient-care-cycle <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/escape-the-economic-inout-patient-care-cycle" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/freedom_0.jpg" alt="Finding Financial Independence" title="Finding Financial Independence" class="imagecache imagecache-250w" width="250" height="375" /></a> </div> </div> </div> <p>A while back I finished reading <em>The Millionaire Next Door</em> and was really impressed with the data results, though the data is old by today's standards, it is still valid; most millionaires are frugal savers who live modestly. The chapter that had the most impact one me, however, was the chapter entitled &quot;Economic Outpatient Care.&quot; The term is basically defined as people who are being financially supplemented by their parents. This chapter also went on to define Economic <em>Inpatient</em> Care, which means the adult is not only receiving financial aid from their parents, but lives in their parents' home as well. As a woman who has been financially independent since the age of 18, this information confirmed what I've always believed: people who are given too much financial aid from parents or relatives are less likely of being able to reach financial independence.</p> <h3>Economic Outpatient Care Gone Terribly Awry</h3> <p>I know a woman in her mid-60's, we'll call her Leslie*, who has received outpatient care supplements all her life. While married to a well-to-do television director, she played the stay-at-home-stepmom and dabbled in interior design. Her own parents were frugal business owners who happened to be financially savvy and established a trust fund for all three of their daughters, Leslie being one of them.</p> <p>Leslie's marriage to the director ended after 20 years and she found herself lost amid the world of computers, technology, and being single once again. However, the spending habits she had acquired during her marriage continue to this day &mdash; lavish lotions, extravagant purchases, trips out of the country. Her parents supplemented Leslie's lifestyle sporadically throughout her life. After her divorce, and her mother's death, Leslie began to rely on monthly stipends from the trust fund. She was able to justify these payments while helping her ailing father who was suffering from Alzheimer's. When her father died, Leslie had spent so much of her parents' trust fund, she ended up owing her sister thousands of dollars. She not only had spent her portion of the fund, she had also dipped into her sister's as well. (The third sister had settled for a lump sum out of court, but that's a whole other saga.)</p> <p>Leslie is now spending the remaining portion of her savings trying to figure out what went wrong. She is deep in credit card debt and is living off residual income that is well below what she is accustomed to. Unfortunately, she is an extreme example of what happens when parents bail out their children time and time again; they are unable to modify their lifestyles and support themselves, often making terrible financial decisions along the way.</p> <h3>The Inpatient Is Ready to Be Discharged</h3> <p>Learning through other people's mistakes is often a painful example of what not to do. A very close relative of mine, Bill*, is 30-years-old and lives at home with his parents. Since high school, he has left home twice, only to be &quot;returned&quot; after a few months of living on his own. Bill's parents would rush to his rescue at the slightest possibility of failure and bring him home. After years of trade school training and failed attempts at multiple industry jobs, he is once again unemployed. Bill is living like he did when he was a teenager; his mother cooks for him, does his laundry, allows him to sleep late, and only ever so often razzes him about getting a job. But Bill is not a teenager, he's an adult. Bill's problem is there is no motivation to move out and change his predicament. Why should there be when everything is done for him? Bill's parents are very frugal people and financially savvy, yet can't see that their continued help has hindered Bill's potential of ever becoming financially independent.</p> <h3>Solutions for the &quot;Patient&quot;</h3> <p>The patients will need some guidance to escape either one of these scenarios, which are both detrimental to their financial well-being. Below are a few tips that could help them escape the cycle of financial dependence:</p> <ul> <li><strong>Create a budget.</strong> There are so many useful and free programs today to help create a monthly budget of regular expenses. But a great way to create one is by using a spreadsheet. List typical monthly expenses, such as rent, utilities, phone bills, groceries, auto expenses, etc. and how much you think you spend on each category. Looking at the list on paper, you might find some areas where you could save money.<br /> &nbsp;</li> <li><strong>Track your monthly spending.</strong> To verify your budget is correct, keep track of what money is being spent. Whether you decide to save the receipt of every purchase and keep them in labeled envelopes, or sign up for an online program that helps keep track of your expenditures, both methods will allow you to see where your money is going.<br /> &nbsp;</li> <li><strong>Increase your income. </strong>Side jobs, a second job, selling things on eBay or Craigslist, are all good ways to increase your income and move away from any monetary supplements you might be receiving.<br /> &nbsp;</li> <li><strong>Be diligent.</strong> Get down to the basics. You might want that cashmere sweater or a trip to Cancun, but these are things that you may not be able to afford at the moment. Instead of looking at wants, whittle your expenses down to your needs for a set amount of time, say six months. After six months, you might find you've saved enough through living frugally to purchase a want or take a trip with your own money instead of your parents' money.</li> </ul> <h3>Solutions for the Parent</h3> <p>It's understandable that parents want what's best for their children and want their children to be happy. However, sometimes children, especially adult children, need to solve problems on their own. If a young adult is constantly being bailed out financially, they learn to accept that the safety net is always there. Instead of cutting back on expenses and finding ways to generate additional income, they begin to rely on that financial supplement. Some tips to help parents foster a sense of financial independence:</p> <ul> <li><strong>Help the patient come up with a budget.</strong> Many of these patients may have no trouble asking for additional funds, but might find it hard to ask for help with devising a budget and sharing their personal finance.<br /> &nbsp;</li> <li><strong>Wean the patient off the supplements.</strong> If supplements are being sent to the patients every month, it's time to reduce them. It might be easier to give the patient a warning, letting them know you can no longer support their lifestyle. Then, slowly reduce the supplements until they are supplement free.<br /> &nbsp;</li> <li><strong>Give the patient a deadline.</strong> If the patient is an &quot;inpatient&quot; and living rent-free, it's time to get tough. Give the patient a deadline to get a job, pay a minimum amount of rent, pay a small portion toward utilities. If the patient has a job, set a deadline to move out. Becoming financially independent often revolves around becoming an independent adult.<br /> &nbsp;</li> <li><strong>Quit rescuing them every time they ask.</strong> Allowing the patients to come up with their own solutions to their own problems allows them to take charge of their lives. People learn lessons best through hands-on scenarios. If parents are constantly solving their children's problems for them, the children quickly learn to rely completely on the parents and are at a loss as to how to solve a problem.</li> </ul> <p>Economic Inpatient and Outpatient Care is a perfectly coined phrase for a position that no one should envy. These patients need guidance to escape from their cycle of dependence. Once the cycle is broken, all participants will find that independence is something that can't be bought, only earned.</p> <p><em>*The names of the people mentioned have been changed to protect identities.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/little-house">Little House</a> of <a href="http://www.wisebread.com/escape-the-economic-inout-patient-care-cycle">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-unexpected-expenses-of-a-new-baby">15 Unexpected Expenses of a New Baby</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/new-study-says-you-should-spend-less-on-kids-sports-heres-how">New Study Says You Should Spend Less on Kids Sports. Here&#039;s How.</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-essential-money-moves-for-new-parents">7 Essential Money Moves for New Parents</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/buying-shiny-new-things-without-the-guilt">Buying Shiny New Things Without The Guilt</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/21-things-you-should-make-your-kids-pay-for">21 Things You Should Make Your Kids Pay For</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Family family finances income parental support saving Fri, 09 Jul 2010 14:00:21 +0000 Little House 170620 at http://www.wisebread.com Hey Kids! It's Time Your Butt Got a Job http://www.wisebread.com/hey-kids-its-time-your-butt-got-a-job <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/hey-kids-its-time-your-butt-got-a-job" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/Teen-Worker-StockCooler.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="333" /></a> </div> </div> </div> <p> <meta http-equiv="CONTENT-TYPE" content="text/html; charset=utf-8" /><br /> <title></title><br /> <meta name="GENERATOR" content="OpenOffice.org 3.0 (Win32)" /></p> <style type="text/css"> <!-- @page { margin: 0.79in } P { margin-bottom: 0.08in } --><!-- @page { margin: 0.79in } P { margin-bottom: 0.08in } --> </style></p> <p style="margin-bottom: 0in;">The economy is hurting all of us &ndash; especially families trying to raise and <a href="http://www.wisebread.com/not-rich-enough-and-not-poor-enough">educate their kids</a>. Unfortunately, things have become so tight that there is often little left over to do anything but complain. Even worse, a lot of struggling parents still cater to their offspring who are now of an age where they should no longer expect their parents to buy everything for them and instead take an interest in earning their own money.</p> <p style="margin-bottom: 0in;">Who doesn't have a grandpa that can regale you with tales of his early earnings of a few pennies an hour that went to support his entire family? Well, these days, most kids who are working are only doing it to feed their shoe, clothing, video game, or dating habits. How many actually contribute to the entire welfare of the family? Sure, there are many who do just that, all the while struggling to get a college degree for themselves. But there are many more youth who'd rather sit at home and do not much of anything for themselves.</p> <p style="margin-bottom: 0in;">So, as parents in need, it really is not that unreasonable to get your of-age children out into the work force, at least during the summer months when school is not in session. The concept of work and <a href="http://www.wisebread.com/how-much-should-your-kids-know-about-your-finances">earning their own money</a> may be a bit foreign to some teens out there, so I made a nice little to-do list that parents can pass along to their teens as they break the news that a summer job is on the menu.</p> <p style="margin-bottom: 0in;">Here is what you both can work on together:</p> <p style="margin-bottom: 0in;"><u><strong>Make Sure The Kid is Legit</strong></u></p> <p style="margin-bottom: 0in;">The legal working age for teenagers in the US is 14. There are <a href="http://www.allbusiness.com/labor-employment/human-resources-personnel-management/10630788-1.html">different regulations </a>regarding working papers in each state. You can contact the Department of Labor to find out the rules for your area or even check in with the staff at the high school who might even have the papers you need to complete. The earlier you do this, the better prepared you are before securing a summer job.</p> <p><u><strong>Get To Asking Around</strong></u></p> <p style="margin-bottom: 0in;">There are a ton of people every teen knows and sees everyday. From teachers to coaches, to music lesson instructors and neighbors and friends, there is a great chance someone knows somebody who e who needs help. Running errands, planting gardens, doing small home repair work can not only keep you out of the fast food joints, they may turn into something enjoyable, financially rewarding, and an incredible learning experience. Let everyone know you are going to be looking for work this summer. You never know what you might find if you just ask.</p> <p style="margin-bottom: 0in;"><u><strong>Get Creative</strong></u></p> <p style="margin-bottom: 0in;">When teens think of a J-O-B, they may only think in terms of <a href="http://www.wisebread.com/retail-job-lessons-learning">retail</a>, restaurants and grocery stores. But the reality is there is a whole world of opportunity out there for young entrepreneurs. Some of the richest people in the world today start out as a kid dabbling in their own creative worlds, which in turn gave them the start to where they are today. If you have an idea, an invention, or a plan, share it with your parents. If they can't help, keep digging around until you find someone that can.</p> <p style="margin-bottom: 0in;"><u><strong>Be Enthusiastic But Appropriate</strong></u></p> <p style="margin-bottom: 0in;">When you go out in search of a job, it's great to show people your personality but keep it appropriate. Watch your language and that includes proper English. Use your manners. A &ldquo;please&rdquo; and a &ldquo;thank you&rdquo; can certainly go a long way. Remember that your enthusiasm is a great asset but it is also just as important that you can stay focused on the job and tasks required of you.</p> <p style="margin-bottom: 0in;"><u><strong>Be On Time for the Interview (and Every Day of Work)</strong></u></p> <p style="margin-bottom: 0in;">No employer is going to hire someone who can't even make it to the interview on time. You need to present yourself in the best possible manner, no matter what the nature of the job is. Dress neatly even if it is a casual atmosphere. Bring references and records from school, to show that you are dedicated and interested in making a good first impression. Remember, you only get that chance once. Thank the interviewer for their time and when you get home, drop them a thank you note in the mail. This may carry some extra weight in the hiring decisions.</p> <p style="margin-bottom: 0in;"><u><strong>Celebrate a Job Well-Done Then Get to Work</strong></u></p> <p style="margin-bottom: 0in;">When you get the news that you have been hired for a summer or part time job, be proud of yourself for doing great legwork to get yourself the job. But don't celebrate for too long. You want to start your job on time and well rested. You'll want to pay attention in order to learn your way around the new position. Be sure to show initiative and don't wait for everyone else to always tell you what to do or what needs to be done. If you want to keep your hard-earned job, you will need to prove yourself worth of the job.</p> <p style="margin-bottom: 0in;"><strong>&nbsp;Make A Deal With the Parental Units</strong></p> <p style="margin-bottom: 0in;">While your parents may be reluctant to accept your money, there is no reason why you have to work for completely selfish reasons. Heck, your parents don't. While it is fine to keep some of your paycheck for yourself, make sure you give back to the people who have endlessly given to you. Make a trip tot he grocery store and pick up some basics without being asked. Take mom and dad out to dinner to celebrate your first pay. They will appreciate all of those simple things more than you can begin to understand.</p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tisha-tolar">Tisha Tolar</a> of <a href="http://www.wisebread.com/hey-kids-its-time-your-butt-got-a-job">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/use-holiday-hiring-to-get-your-next-job-and-keep-it">Use Holiday Hiring to Get Your Next Job – And Keep it!</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/buying-shiny-new-things-without-the-guilt">Buying Shiny New Things Without The Guilt</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/make-your-hobby-pay-its-way">Make Your Hobby Pay Its Way</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/resources/paid-surveys">How to Get Paid to Take Online Surveys</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/101-tax-deductions-for-bloggers-and-freelancers">101 Tax deductions for bloggers and freelancers</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> careers family finances Making Extra Cash working teens. jobs Wed, 21 Jan 2009 12:55:05 +0000 Tisha Tolar 2761 at http://www.wisebread.com