Family, Saving Money

Taking My Daughter To The Bank To Open Her First Savings Account

I am so excited. I am going to take my oldest daughter to the bank and help her open her first savings account! She’s ten now, having recently celebrated her birthday, and she has some birthday-checks to cash.  One of our local banks offers a no-fee, no-minimum balance required savings account for children under 16.  This type of account will be perfect for my daughter. Over the past few years, my wife and I have worked hard to teach our kids about saving, spending, and giving.  Last year, we introduced them to the wildly-successful Kids’ Fun Fun. I want to incorporate trips to the bank into our regular weekly routine.  I want my daughter to be comfortable with the entire…

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Debt Reduction

How A Silly Little Experiment Helped Me Get Out Of Debt

I once sent a credit card company $5 per day, every day, for a month.  Seriously. The year was 2005 and I was in full on debt reduction mode.  Pumped up by the comments left by my readers – and ready to be debt free – I spent most of my waking-hours thinking about ways to reduce my debt. Somehow, the thought struck me:  What if I manage to save $5 a day – say by skipping my morning trip to the convenience store or brown-bagging lunch – how quickly could I put that $5 to work? I decided, just to see if it would work, to use online bill-pay to send a series of $5 payments to the credit…

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Retirement, Taxes

Only Six Months Left To Make Year 2009 Contributions To Roth IRA Or Traditional IRA

My wife and I both have contributions to the retirement plans offered by our employers deducted from our paychecks.  In addition to those pre-tax retirement contributions, we also make monthly contributions to our Roth IRAs. For me, the annual contribution limit to my Roth IRA is $5000.  (See IRS Publication 590 for complete information about contribution and income limits.)  My wife’s limit is the same. The contribution time-table for both the Roth IRA and the Traditional IRA runs from January 1, 2009 until April 15, 2010.  That’s right.  We have until the tax-filing deadline of 2010 to make contributions to IRAs for 2009. So, even if you haven’t made contributions for 2009, there’s still time.  We have six months to…

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