Under the Electronic Fund Transfer Act, consumers aren’t responsible for more than $50 if a lost debit card or fraudulent charge is reported within two days. If the loss is reported 60 days after a statement containing fraudulent charges is mailed, a consumer’s liability jumps to $500. If an unauthorized debit transaction is reported more than 60 days after the statement is mailed to the consumer, the damage can be unlimited.
Fraudulent charges on a credit card can be reversed in 24 hours or less, but it can take up to two weeks to have funds restored to a debit card account. In the meantime, bills or other expenses could pile up.
It is officially 2014 and many folks are gearing up to tackle some New Year’s resolutions! For many, resolutions include eating healthy, paying off debt, saving for their kid(s)’ college.
For those parents with goals of saving for their child’s for higher education costs, the Department of Education provides valuable insight on tuition rates across the Nation.
Since I ran some numbers myself, I thought I’d share with my clients a math equation to reflect the same.
Child: Age 1
Tuition: $35,000 (estimated)
Time to Save: 16 years
Savings Total: $600
Amount Needed to be Saved to Achieve Goal: $158 monthly
Of course inflation is not factored into the equation, however I believe this math provides a peak into what parents will need to save to achieve their tuition goal. Also, student financial aid and scholarships will help cut some costs for many prospective students.
Sallie Mae’s “How America Saves for College 2013″ study, conducted by Ipsos, finds that despite rising college costs, fewer American families with children under age 18 save for college (50%) than did just two years ago (60%). Based on a nationally representative survey of parents of children under age 18, the study found that:
While nearly all parents believe college is an investment in their child’s future, only one-third have a plan to pay for college.
When asked to describe their feelings about saving for college, parents’ top answers were overwhelmed, annoyed, frustrated, scared, or that they don’t like thinking about it at all.
Among those not saving, 47 percent cite a barrier other than money. Top reasons included thinking that children would be awarded enough financial aid to cover the cost of college, children are too young or too old, uncertainty about which savings option to use, procrastination and feeling it is the child’s responsibility to save and pay for college.
Starting to save is most frequently prompted by major milestones such as a child’s birth (34%), starting school (24%), or learning about college costs from friends and family (20%).
Slightly more than one quarter (27%) of parents who are saving for college use a 529 college savings plan. However, more parents save for college using general funds or CDs (42%) and may miss out on tax incentives offered by a 529 account.
Goals make the world go round. They keep focus alive and hope that brings about change. With regard to personal finance though – what are some of your goals? Do you wish for job security? Maybe having adequate insurance. For some, a financial goal may include managing food costs. Whatever dreams and aspirations you have around financial planning will include goals important to your life and situation. Everyone’s goals will differ and each other and they are not better than someone else’s. They vary depending on your stage in life – those folks closer towards retirement age may have a retirement or cost of housing goal versus someone graduating from college that wants to set aside money for savings. Remember, goals are to awake our senses and keep us moving forward in an upward direction for achievement.
So, are you ready? Track your top four financial goals here. You’ll have a clearer mind as to what is important in your financial life at this very moment. Remember, aspirations change so use this tracker throughout the year.
I came across this bank and believe it to be the best on the market. It provides children and adults with a simple way to save, spend, donate and invest. I especially enjoy the translucent appearance of the bank, which helps the saver to track their progress of their piggy bank deposits and withdrawals. Everyone knows Rolist Financial Group are firm believers of “see it, to achieve it“. This bank provides that motivation to continue with the saving because of the translucent appearance. People have control over their accounts and this piggy bank provides just that.
Rolist Financial Group is dedicated to helping others fix their finances through counseling, teaching and encouragement. Certifiable skills to assist individuals in the complex process of financial decision-making.
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