Pinching Pennies for College

Start Early

• It is never too soon to begin investing in your child’s future. With time on your side, you can be more certain that you will be able to save enough money to get your child through school. Plus, if you get a plan with a decent interest rate, the longer you save, the more interest you will be able to accrue.A good resource is www.myfloridaprepaid.com

Set Goals

• Determine a monthly amount that you will be willing to contribute to the savings account. Perhaps, you and your spouse can each contribute half of an agreed upon amount.
• Re-evaluate the amount you contribute as you begin to earn more money or get bonuses at work.
• Have automatic payments set up. If you don’t have to remember to make the payments, your plan will be much more successful.

Get the Whole Family Involved

• Rather than having family members buy your children expensive gifts for birthdays and holidays, have them make a deposit into the college savings account.
• When your child begins to work have them deposit paychecks in to the account. If you don’t want to force them to contribute their entire paycheck, have them agree on a monthly payment amount that you are both comfortable with.

Academic Preparation

• Students can begin taking classes, such as AP and IB classes, where they can receive college credit. Have them look into taking more advanced classes that they can get credit for in college. The fewer classes they have to take, the less money you will have to spend.
• Meet with guidance counselors to discuss a plan and scholarship opportunities. Check out www.floridastudentfinancialaid.org and www.connectedu.com/products-colleges.html

Angela’s Teachable Moment: If your children want to spend their money on something, remind them that $50 towards clothes could be $50 towards college. Explain to them what interest rates mean and how they work so they gain an understanding of what $50 could become if invested. They will want to save for college and will gain financial understanding.

Kids and Money

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Teach them the value of money

• The moment children can count they can learn about money.  They can count coins and put them in a piggy bank.
• Money is earned by working.  So give kids the opportunity to earn money by doing chores and getting paid an allowance.  By the age of 15 they should be volunteering or interning so that by the time they are 15 they can have an idea of what a job is like and will have experience to get a job they will really enjoy.
  • Allowances help children learn to make decisions, think about alternatives and consequences and gain a well-balanced perspective about money.
  • Come up with fun money earning opportunities like Wash the car and earn $10 more this week.
•  Lead by example.  Involve your kids in family budgeting and set an example of how to follow a budget and control spending.  Keeping budget restrictions and hard times a secret does not help anything and can instead be a great time to teach children about saving.
• Everytime you pay for something whether it be cash, check or charge is an opportunity to teach your children about the differences of each.
• Play games with your children that use money like Monopoly and Cash Flow for Kids by www.richkidsmartkid.com ;

Saving

• Take them to the bank to open their own bank account so that they can put their money in a savings account and begin to earn interest.
• Teach children the differences between wants and needs.
• Savings accounts encourage children to save, invest, and give.

Spending

• Next time a child says they “want” something tell them they have their own money and if they really want it they can buy it themselves.
• The account also allows children to save for things they want to spend their money on.
• Help them set goals to save up for things that they want or need in the future.
• As children get older give them incentive for saving up for things like a car when the turn 16.

Is it worth your time and effort to help your children learn about money? As Benjamin Franklin once said, "An investment in knowledge always pays the best interest." Answering your children's questions honestly and in terms they'll understand can help them begin life on sound financial footing.

Spring Break Checklist

Spring Break Time in Tampa Bay usually means packed parks and busy beaches. Check out these alternative ideas for a family fun Spring Break!

Out in the Neighborhood

• Many local attractions like the Florida Aquarium, Busch Gardens and the Lowry Park Zoo have special offers during spring break. They also have educational, interactive shows that teach them about the animals. Take the kids out for a day that is fun and allows them to learn something new.

Bonding

• Plan a picnic for the family in the park. Have each person contribute something to the lunch you pack so that the day is a family event from start to finish.
• Create a garden in your own back yard. You can buy flowers and soil at your local hardware store or order organic vegetable seeds online. Plan out the garden and plant it as family. Then, watch as it blooms before your eyes.

Short Trips

• Take a daytime bike trip on the Suncoast Trail with the family. This will allow you to do something as a family and will be good exercise for everyone.
• Plan a weekend on St. Pete Beach where you can hang out with the kids in the sand and enjoy some well-deserved relaxation. Jump into a game of beach volleyball to stay active and practice working as a team. For more of a getaway, consider the US Virgin Islands. They offer brand new hotels that are all-inclusive, up close and personal experiences with wildlife like sea lions and have a large ecological preserve the whole family can enjoy.

Learn Something New

• Attend Candy College together and learn how to make homemade chocolates and sweet treats.
• Color Me Mine is a great place to get creative and paint personalized pottery. This will allow you and your kids to express yourselves artistically and take something home to remember the day. 

Angela’s Teachable Moment: Have them make some of the candy they mastered in candy college for friends and family as an Easter surprise. Knowing that they were able to make something everyone enjoyed will boost their self-esteem. Plus, it teaches them that it is the thought that counts.