Can You Afford To Pay For Your Children’s Education?

saving and spending (Photo credit: 401(K) 2013)

University education comes with the cost of thousands of dollars every single year. Though there is funding available for students through the form of traditional loans, more and more parents are creating savings accounts and investment plans to assist their child with the cost of education. 

Can You Afford Your Children's Education?

It's best to start saving as soon as possible to ensure that the children in the family are going to have a university savings account that is going to get them through their education but this isn't always the case.

Consider the costs of the tuition, the supplementary income that the child can contribute while they're going to school and working part time. It's important to assess the budget and determine the monthly amount that can be allocated to the child's university costs. If more than one children are attending university, it's important to consider the costs and how they are going to be divided.

For parents with school aged children and no savings for post-secondary education, consider where you can cut corners now to build the education savings account for future use. Research grants and other types of funding options that can supplement parent savings. 

University Costs -- Not Just Tuition

University education is more than the costs that come with tuition. Additional fees through the university include admission fees, administration fees, fees for books and laboratory time and extracurricular and transportation fees. In addition to the fees that are charged to the student for attending school, students attending university outside of their hometown are charged for room and board while staying on campus and additional living costs if they choose to live off of campus. 

How to Increase Education Savings

Saving early is the best way to get a head start on university costs. For families putting multiple children through university, the costs can add up quickly. Establishing a finance savings program early in life is an effective way for families to assist in the cost of the child's education.

Starting early is easier when a savings program is established and automatic debits are set-up from the account. Choosing the debits at the same time every month and paying yourself first can help to boost these savings.

Take advantage of the grant programs that are available through government programs. These programs contribute a percentage of the amount that has been deposited by the parents into the education savings account. Research the programs to determine the eligibility of the family and determine how to best use the program. Starting early will ensure that you're able to maximize this program as much as possible.

Budget. Find ways to cut the costs of the household finance expenses to find additional room to put away into a monthly savings or education investment account. Something as simple as taking your lunch, or cutting the cable or vacation fund can help to establish and cushion the savings account for post-secondary school.

Ask for help and enlist the students that are going to be attending university to take on part time jobs to help cover the costs of the additional education. In addition to part time income, ask children to research scholarships and grants that are available or determine the loan options available to cover a percentage of the tuition for school.

Finally, consider the options of a local university -- rather than the children attending school in another city or state. Attending a local university can help to save money, as students are able to live at home while attending school, cutting the costs of living expenses and allowing more money to be allocated towards tuition.

Author Bio
Ryan Ayers is a writer who creates informative articles in relation to education. In this article, he offer financial tips to college students and aims to encourage further study through ACU Higher Education Degrees Online. 

5 Tips To Save Money On Medications

Ritalin (Photo credit: Wikipedia)

Many seniors find it difficult to finance everyday living expenses while paying for expensive medication. Even with insurance, some medications can take a chunk out of a senior's budget, leaving him or her to make difficult choices such as cutting back on money for food to pay other bills. However, there are some programs and resources in place that can help a senior to afford medication. Consider the following five tips to save money on medication.

Ask your health care provider for samples if the prescription is new. Sometimes a new medication may have side effects or may not work well in treating a condition. Whenever this happens, the medication usually sits in a medicine cabinet or is discarded, which is a total waste of money. Prescription-drug samples can help you save money while you determine if the medication is effective. If samples are not available, ask the health care provider if he or she can write a partial prescription, which can save some money if you find that the medication does not work as expected.

Talk with your health care provider about special discount cards that will reduce your copay. Some pharmaceutical companies now offer discount cards that will reduce the amount of the copay for brand-name drugs. This is to help brand-name drugs compete with generic drugs, which cost less. If the company offers a discount card there may be limitations since some insurance companies will not approve the use of a discount card with their plans. Generally, a patient must activate the discount card by telephone or online, and the pharmacy will contact the insurance company to verify that the card can be used.

Contact your local agency on aging or similar organization that provides services for older adults. These agencies do not usually pay for medications, but they do employ caseworkers or social workers who are familiar with special programs for older adults. They can inform you of whether there are programs at the state or local level that can provide some financial assistance for medications and help you complete the paperwork to get the process started.

Talk with your health care provider about whether a generic medication will work for you. In some cases generics work as well as over-the-counter medications. However, if your prescriber recommends a brand name drug, it may be because your body will respond better to that specific medication, so spending more for the drug can help your avoid medical issues that could cost you more in the long run.

Purchase a larger supply. Buying a 90-day supply of prescription medications may qualify you for a discount. Some pharmacies and insurance companies offer discounts to those that purchase medications in bulk. Consider using a locally-owned or family-owned pharmacy. They often have some flexibility in the prices they charge and may offer discounts for quantities for regular customers. Another strategy that may help double your supply of medication is pill splitting. If you take a medication that is 20 milligrams, a 40 milligram pill would provide two doses, and the cost may not be much more than the lower dose pills. It should be noted, however, that not all pills are suitable for splitting. Your health care provider will determine whether your pills are appropriate for splitting. Never split a pill without specific directions from your health care provider or pharmacist.

Compare Medicare Part D prescription plans and make changes during the open-enrollment period. By carefully looking at each plan's medication coverage, you might find a plan provides better prescription-drug coverage than your current plan.

It is possible to save money on medication. Think about trying some of these strategies that could help provide the finance you need get your medication.

Author Bio
Sarah Daren is a writer who creates informative articles relating to the field of health. In this article, she offers financial tips to individuals dealing with medical costs and aims to encourage further study through online masters of health law programs.

A True Story Reveals Legal Assistance against Hip Injury from Can-can Dance

In a recent interview, Strictly Star Craig Revel Horwood has blamed “all those years of can-cans and dropping in the splits” for his recent need for a hip replacement. He explained further that just like any sports injury, the rigors of ballet training can be very detrimental to the body.

We Aren’t All Dancers

It’s not just dancers and sportsmen that suffer with their joints. There are many physically demanding jobs that take their toll on our bodies. Any job that puts repetitive strain on your joints will inevitably cause problems at some point in your life. Ironically, those that care for us, the nurses and carers, often have problems with their backs or joints from the years of bending and lifting connected with their job. 

Thankfully, most employers put in place codes of practice to make sure that their workforce remains healthy. Even with the most robust precautions it is inevitable that some jobs will cause wear and tear on your body.

Hip Replacement – a New Lease of Life

Those of us that use the NHS usually have to wait to have a hip replacement operation. The government states that no one should wait more than six months. In fact, the vast majority of hip replacements are performed in less than five months. In the time up to the operation you will experience quite some discomfort. You may well favor your other leg to avoid the pain. 

This can lead to other aches and pains as your body is not moving properly. Sometimes the muscles in your ‘bad’ leg will start to diminish and this will require further physiotherapy after your operation. However, for all the problems before your operation, you will soon be up and about with your new hip. 

All you ‘Strictly’ fans will have seen Craig Revel Horwood back on the show within a couple of days of the operation, albeit with a spangled crutch and adapted sparkly chair and cushion.

What if it Goes Wrong?

The National Institute for Health and Care Excellence (Nice) has already suggested that the NHS should not use any hip implants with a failure rate higher than 5% within five years. This includes most types of metal-on-metal implants which have raised fears that they can leak toxic metal. One device, the DePuy ASR, has drawn the most publicity. 

The manufacturers have withdrawn the device but only after failure rates of 13% within five years had been reported. Almost a quarter of cases within that period had to have corrective surgery.

How Will I Know?

Firstly, if you have a metal-on-metal implant, you should attend regular check-ups. Should you have any changes in your general well-being you should see your doctor.

Some of the symptoms are quite obvious:

• Problems walking or a limp
• Pain in the hip, leg or groin
• Swelling around the hip joint

Other symptoms that may be because your device is failing are:

• Fatigue
• Chest pain
• Shortness of breath
• Weakness or numbness
• Changes in vision or hearing
• Weight gain
• Feeling cold

If you experience any of these symptoms you should see your doctor.

What Else Can I Do?

If there is a problem with your hip replacement your doctor will be able to tell you what treatment is required. In most cases it would be corrective surgery. Even if you have no symptoms but your doctor has contacted you about possible problems with your metal-on-metal implant you should still seek legal advice. Compensation is available for those people who are suffering unnecessarily due to defective hip replacements. Contact Thompsons expert solicitors for advice on a no-win, no-fee claim.

20 Year Mortgage? 5 Benefits to Paying Yours Off In Less Time

Most mortgage terms are for thirty years. That is the traditional length of time most lenders arrange for homeowners to pay off their home loans. Nowadays people are opting for shorter loan terms including 20 year and 15 year mortgages. There are several advantages to having a shorter term loan repayment plan. Below are five benefits.

Pay less interest

Spending one dollar more than you have to spend is a waste of money. Paying interest is the cost you pay for borrowing money for your home. Deciding to pay off your home sooner will save you thousands of dollars in interest payments. This frees up money for you to invest back into your home or other into other income generating investments.

Asset to Pass Down

Having an asset that you can pass down to loved ones can make all the years of hard work worth the time. Instead of leaving your beneficiaries with debt, having your home paid off earlier gives you time to enjoy your property and pass that value on to your family.

Recoup your money

If you decide to look into new homes in Colorado you may choose to sell your home. Selling your home can help you recoup all of the money you paid into it, in addition to profits from home value increases in your area. You may even choose to rent your home and generate consistent monthly income.

Security in retirement

One of the main concerns when people make preparations for retirement is the limited amount of income they receive on a monthly basis. As a result, people look to either downsize or completely rearrange their lives to accommodate their new income reality. Having your mortgage paid off gives you security. Having a home to live in is one of the most basic needs that no longer has to be factored into your retirement plans.

Debt free

Mortgages are typically the largest debt people owe. Paying off your mortgage sooner rather than later can get you on the path to becoming debt free. All of your income can be used for investments instead of paying down debt. This can ultimately lead you to free up more of your income for other investments or better family vacations.

Living a more frugal and modest life in your earlier years can really go a long way to get you out of debt quicker. It is as always a personal decision and you must access what is right for you and your family. But there are many benefits to living a debt free life and not paying more then necessary in interest.

If you are looking to purchase a home in the near future, obtaining a shorter term mortgage is a great option. That choice will have you fully owning your home and becoming debt free sooner than ever before.

Brionna Kennedy is native to the Pacific Northwest, growing up in Washington, then moving down to Oregon for college. She enjoys writing on fashion and business, but any subject will do, she loves to learn about new topics. When she isn't writing, she lives for the outdoors. Oregon has been the perfect setting to indulge her love of kayaking, rock climbing, and hiking.

4 Poor Life Decisions That May Still Be Costing You Money

You make decisions every day that will impact your future. It is not always something you realize in the moment. However those choices that may have seemed unimportant at the time may still be having an effect on you today. Below are four poor financial decisions that are likely still costing you money.

1. Defaulting on a Car Loan

Whether it is a few missed payments or a full out repossession, car payments will affect your financial resume. Delinquent payments are reported to credit bureaus. A repossession can put you in a position whereby you may have difficulty purchasing another car with a loan. Additionally, if you do obtain another car loan, you will most likely pay steep rates because of your previous payment history. This continues to affect the amount of money you will pay out on a monthly basis.

2. Defaulting on a Lease

Breaking a lease early without meeting your financial obligations to a rental home or apartment will certainly impact you on your next move. Your future landlord may require you to pay a higher deposit because of your previous default. As well it is negatively reporting on your credit which affects your rate if you choose to purchase a home. This as well will cause higher monthly payments. In more extreme cases the poor credit reporting could cause you not to be approved for the home loan.

3. Maxed Out Credit Cards

Credit cards can be a great resource. However, using your credit card past the allotted amount can cost you dearly. The rate for paying late on a credit card according to Creditkarma.com can cost you as high as thirty five dollars in late fees. As well your interest rate can reach as high as 29.99 percent. This will increase your payment drastically. And almost more than anything else the reporting on your credit can cause a big drop in score.

4. Co-Signing

Co-signing is certainly a noble gesture. However, it makes you responsible for someone else's financial habits. Co-signing causes more people credit problems than they know. Just as all the various institutions report negatively to the credit bureaus when you pay an item late or default on a loan, they do the exact same reporting when your co-signee makes his or her payments late or worse, defaults on said loan. In the long run, you may not be doing them or yourself any favors by carrying them with your name and credit. Everyone has to learn responsibility, and sometimes enabling a friend or family member's bad habits can seem like helping kindness, when in truth it will further harm you both.

Your credit is the way financial institutions decide to offer you a loan for a home, car, business and more.It is almost impossible to function in today's economy without having good credit. Credit repair can help you work through your financial history and positively affect your credit score and financial standing, giving you the chance to achieve all that you want to achieve.

An Over-50s Guide To Home Buying

If you are 50 years of age or older, then let me be the first to congratulate you - as this is probably one of the most awesome times of anyone’s life!

You will have already worked for most of your life and in the very near future you will be able to look forward to retirement and living out the rest of your life as comfortably and leisurely as possible!

During this stage of a person’s life, some important decisions have to be made about the future, and where you live is one of them.

Thinking of selling up? Read this first!

Sometimes it can be quite difficult to move on from the family home, a place where you have spent a large portion of your life in, and a place that holds so many dear memories to you.

But when the kids have all grown up and left home to start their own lives and their own families elsewhere, it can get a bit lonely at home, so many people in their 50s decide to sell up for pastures new.

Some people also decide to sell their homes and downsize to smaller properties so that they can build up their retirement fund, whereas others may not want to maintain a larger property, or it may even be impractical for them to live in should they have mobility issues.

Whatever the reason, if you are thinking of selling your home and moving some place else, then you should consider these important factors before you 100% decide to do so.

Live within your means

It might be tempting to sell your home in Ohio and move to Washington, for example, but the golden rule is to never live above your means. As you approach retirement age, you should not have to worry about owing lots of money to people!

This is probably going to be your last ever home purchase if you decide to sell up and buy another home some place else. Make sure that the proceeds of your current home’s sale will cover the purchase price of your new home.

Sometimes it might be necessary to take out a small mortgage to make up for any shortfall, so using the example above, if you are planning on moving to Washington, then enlisting the services of reputable mortgage brokers in the Washington DC area will ensure that you get the best mortgage deal possible for your requirements and circumstances.

Choosing the best location

As we get older, we are less likely to want to drive around as much as we used to, so it makes sense to move to an area with good transit links.

It is also worth considering moving to an area that is well-placed for access to various amenities, and can be easily accessed by visitors such as friends and family.

Get advice on what’s best for you

Finally, it is always a good idea to get professional advice on the best thing to do for your particular requirements and needs. The last thing you want to do is make a decision which may prove to be wrong and costly later on!