Three top
piece of financial advice — from building a college fund to protecting yourself
from cybercrime
Purchases that turn into savings
Sometimes
you have to spend money to make money, says Meg Favreau at U.S. News &
World Report. While frugal shoppers might fret over purchases, some can
actually save money in the long run. If you live in an area where it's feasible
to forgo a car, buying a bike or transit pass will save thousands in car
expenses each year. And with monthly cable bills averaging around $123, a
one-time investment in a TV-streaming device like Apple TV, Roku, or Amazon
Fire can add up to thousands in annual
savings. For caffeine addicts, an espresso machine is a smart buy. While
one "can cost anywhere between $100 and $1,200," the initial
investment will pay off down the road. Just think: "If you buy a $4 latte
250 days of the year, that's $1, 000," and you still won't have coffee on
weekends.
How to build a college fund
If you're
planning to send a child to college someday, start saving now, says Dan
Caplinger at Daily Finance. One of
the best tools for building a college fund is a tax-advantaged 529 plan, which
allows you to put away cash "on a tax-deferred basis, meaning that even if
the investments you select pay interest, dividends, or other forms of income,
you won't have an immediate tax bill." And if the money pays for
educational expenses — tuition, fees, or housing — even the withdrawals are
tax-exempt. Contribution limits vary from state to state, but most 529 plans
have caps of between $235,000 and $400,000. That's enough to "give most
families all the flexibility they need to save for their children's college
education."
Protect yourself from cybercrime
Your PIN
isn't the only number you need to keep safe, says Adam Levin at Credit.com.
These days, data breaches are a "certainty in life." But credit card
numbers, email addresses, and passwords aren't the only things hackers are
"gunning for." Phone numbers, significant dates — like birthdays and
graduation dates — Social Security numbers, driver's license numbers, and even
IP addresses can all be exploited by identity thieves. The best defense is to
avoid posting sensitive data online whenever possible. But as cybercrime
becomes a fact of life, "the smartest thing you can do is assume the
worst" and be vigilant about monitoring your accounts, bank statements,
and credit reports for signs of fraud.
For more
Information just visit Balley Price Holdings
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