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Liz Weston

Thursday’s need-to-know money news

May 1, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Saving money on your summer travel plans. Also in the news: Disappearing inheritances, creative college financing, and the hidden costs of moving.

6 ways to score deals on summer travel
Planning ahead could save you money.

Why You May Not Get An Inheritance (And What To Do About It)
You know that saying about counting chickens before they hatch?

Outside-the-Box Financial Strategies to Pay for College
Thinking outside the loan box.

The Hidden Costs of Moving
You’re going to need boxes, packing tape and a whole lot of cash.

Helping Gen Y Declare Their Financial Independence
Escaping the debt-ridden 20’s.

Filed Under: Liz's Blog Tagged With: college tuition, Generation Y, Inheritance, moving costs, summer travel

Wednesday’s need-to-know money news

April 30, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Distinguishing between good and bad debt. Also in the news: How to fly for free, reducing your post-retirement cost of living, and protecting yourself from buying a lemon of a home.

When Your Student Loan Debt Shouldn’t Be Your First Priority
Learning the differences between good and bad debt.

How Our Family of 3 Will Fly Free for the Next 2 Years
It’s all about the points.

5 Ways to Reduce Your Post-Retirement Cost of Living
While reducing your stress at the same time.

Protect Yourself from Buying a Lemon of a Home
Don’t buy a money pit.

5 reasons to try a 2-week spending freeze
Give your savings a jump start.

Filed Under: Liz's Blog Tagged With: cost of living, credit card rewards, purchasing a home, Retirement, spending freeze, Student Loans, travel tips

Tuesday’s need-to-know money news

April 29, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Are you being charged too much for your 401(k)? Also in the news: Teaching your kids about money, using your tax refund to pay down debt, and tips that will make next year’s tax filing a breeze.

Is Your Small-Company 401(k) Charging Too Much?
How much are you paying in fees?

3 Everyday Events That Can Teach Your Kids About Money
It’s never too early.

Use tax refund to reduce your debt
While not as fun as a new TV, it pays off in the long run.

Tips to Make Your Taxes Way Easier Next Year
Anything to make taxes less stressful.

13 Times Being Cheap Could Cost You More
The high price of trying to save money.

Filed Under: Liz's Blog Tagged With: 401(k), kids and money, Retirement, Savings, Taxes

Can you submit too many college applications?

April 28, 2014 By Liz Weston

Zemanta Related Posts ThumbnailI only applied to one college, and I opted for early decision. There’s no way I’ll let my daughter do the same thing.

Recognizing how much the world has changed is key to getting our kids launched right. These days, a half dozen applications may not be enough, as I write in this week’s Reuters column, “How many college applications is too many?” College consultants say there’s a rising level of unpredictability to admissions, which means you may want more than two safety schools, two matches and two reaches.

One issue I didn’t get into for lack of space was the public vs. private school aspect. Private school students typically have access to counselors who are essentially dedicated to getting them into good colleges. These counselors usually stay up to date not only on colleges’ statistics but also on their changing needs (that is, what they’ll be recruiting for next year). Private schools often subscribe to services like Naviance, which help students see exactly where they stand relative to the stats (GPA, class rank, test scores) of a college’s existing student body. With intel like that, private school students (and families who hire private consultants who offer the same services) can get a pretty good idea at where they have a good shot at getting in and where they don’t.

Public school students, by contrast, may be assigned a counselor who has 400 other kids in her caseload plus duties that have nothing to do with college admissions. Families may be on their own in trying to figure out where to apply.

The good news is that most colleges still accept most applicants–the Ivies and other highly selective colleges are a small fraction of the total number of higher learning institutions in the U.S. Also, there are sites such as Lynn O’Shaughnessy’s The College Solution and CollegeData.com to help sort through the options.

Still, if you’re not getting help in winnowing down your application list, it can make sense to err on the side of applying to too many colleges rather than too few.

Filed Under: Liz's Blog Tagged With: college, college admissions, reach schools, safety schools, SAT, SAT scores

Monday’s need-to-know money news

April 28, 2014 By Liz Weston

homebuyerToday’s top story: How long you should work to max out your social security benefits. Also in the news: What your student loans are really costing you, 9 common financial myths, and paying close attention to closing costs.

Social Security Benefits: How Long Should You Work to Max Them Out?
Determining your magic number.

Are Your Student Loans Costing You More Than You Think?
Find out what you’re really paying.

9 Common Money Myths
How many do you believe?

Watch Out for These Closing Costs When Buying a Home
Don’t pay more than you have to.

Quiz: Are you smart enough to buy a home?
Do you have what it takes to become a homeowner?

Filed Under: Liz's Blog Tagged With: closing costs, money myths, real estate, Retirement, Social Security, Student Loans

Q&A: Social Security and spousal benefits

April 28, 2014 By Liz Weston

Dear Liz: I just got laid off and will be collecting unemployment. In January, I will be eligible for Social Security at my full retirement age of 66. Can I collect 50% of my spouse’s benefits (he is 76) instead of collecting on my record and continue to let my Social Security benefits grow until age 70?

Answer: Yes. As long as you wait until your own full retirement age to apply for spousal benefits, you retain the option of switching to your own benefit later. If you apply for spousal benefits early, you are locked into the smaller payment and can’t switch.

Filed Under: Q&A, Retirement Tagged With: q&a, Retirement, Social Security benefits

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