MoneyWisdom Blog

How Changing Your Name Affects Your Tax Filing

Posted by Diana Burrell on Mar 6, 2019 10:39:41 AM

It's tax time again, but there's something very different this year: someone's name has changed in your family. It could be because of a marriage, divorce, or your child's adoption. With a name change, it's important to take the following steps to ensure your tax return is accepted and processed without issue by the Internal Revenue Service (IRS).

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Topics: Divorce, Taxes, children

Raising Money-Smart Kids

Posted by Hanscom Federal Credit Union on Feb 27, 2019 7:17:00 AM

Teaching children the value of money starts early. It start with every allowance, money gift, and wage that they receive. The following tips can make the difference between a child who grows up to be financially secure – and one who isn’t.

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Topics: budget, children, Financial Wellness

7 Reasons to Keep Your Landline

Posted by Hanscom Federal Credit Union on Jan 24, 2019 1:32:48 PM

If you reside in cellphone-only household, you're not alone. More than fifty percent of adults in the United States live in households without landline telephone service according to a 2016 survey by market research firm GfK MRI, a number that is sure to be higher today in 2019. Compare that with 2010, when the total number of households with cell phone-only service was just 26 percent. Clearly, the cellphone-only lifestyle is the new normal. But is this new normal the best choice for everyone? For some people, keeping that trusty landline is a smart move, even if it costs a little extra each month.

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Topics: Money Management, budget, children

Should children get an allowance?

Posted by Sandra Quadros Bowles on Mar 21, 2018 6:02:00 AM

We can’t cite a specific study, but Life 101 teaches us this basic statistic: All kids enjoy having money.

There’s always a new toy to play with, or that hot movie to see or a cool new phone app to download.

Where does that money come from? Unless they are old enough to hold a paying job or lucky enough to have access to an unlimited trust fund, they make those cash withdrawals from the bank of Mom and Dad.

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Topics: Money Management, budget, children

Paying for College Starts with the FAFSA

Posted by MaryJo Kurtz on Feb 22, 2017 12:45:38 PM

The U.S. Department of Education awards more than $150 billion each year in federal aid for higher education – and, surprisingly, more than $2 billion of this financial aid goes unclaimed. Your opportunity for some of that money begins by filling out the FAFSA (Free Application for Federal Student Aid). The application process is relatively simple, and there is no reason not to do it. By submitting a FAFSA, you make yourself available for federal grants, work-study funds, low-interest federal student loans and possibly state or school scholarships.

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Topics: College, budget, children

8 Steps for Protecting Your Child from Identity Theft

Posted by Hanscom Federal Credit Union on Jun 30, 2016 1:07:36 PM

It’s a shocking experience thousands of parents have endured the past few years: finding out someone else has been using their child’s identity. It’s heartbreaking to think of a young person trying to start out in life already tarnished by unwarranted black marks. To guard against a future of frustration for your child, take the following kid-specific identity theft prevention measures.

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Topics: security, children

Dress your child for lots less

Posted by Hanscom Federal Credit Union on Oct 23, 2015 7:00:00 AM

Kid’s clothes can cost a bundle – especially as they continue to grow out of items faster than your budget allows. According to a 2007 study, lower-income families spend up to $336 per year infants and toddlers and $624 on teens, while upper-class families allocated $528 per year on infant and toddler clothing, and $936 to teen clothing. Overall, Americans are spending about $2,000 – or 3.8% of their household income – on clothing. That’s a lot of dough for clothes.

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Topics: Savings, children

Back-to-School Shopping: Smart Money-Saving Tips

Posted by Hanscom Federal Credit Union on Aug 12, 2015 10:02:56 AM

Your kids may still be in the pool, but by now you’re likely thinking about back-to-school. According to the latest Back-to-School Spending Survey conducted by the National Retail Federation, parents will spend an average of $630.36 on their child’s 2015 back-to-school needs in 2015, including school supplies, electronics, and clothing. While this number is down from last year, families on average have been steadily spending more on back-to-school items over the past ten years – a whopping 42 percent more. 

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Topics: Savings, children

When should my child open a checking account?

Posted by Bill Burpeau on Apr 16, 2014 12:00:00 PM

My kids got theirs at age seven! But as a teacher of personal financial management, I am a bit fanatical about educating my children. Here are some things to consider when deciding when to open a checking account for your children.

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Topics: Checking, children, Teen

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