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2
votes
1answer
74 views

What is the difference between Child Benefit and Child Tax Credit?

In the UK, how does Child Tax Credit differ from Child Benefit? It appears to me that those who receive Child Tax Credit are fewer than those who receive Child Benefit, as there are more criteria ...
2
votes
1answer
35 views

How should I include pension contributions in my UK Child Benefit calculations?

I'm using the gov.uk Child Benefit Tax Calculator and I don't know how I include my pension contributions in the "Pension contributions deducted from your pay" and "Pension contributions not paid from ...
6
votes
1answer
84 views

In Quebec, what kind of financial assistance might be available to an unemployed single mother with kids?

My husband will be separating from me in a couple of months. I am unemployed and have two kids both under the age of 6. Is there a single mother's compensation? Especially in my situation where I am ...
0
votes
4answers
141 views

Ways to save for child's college education where one need not commit to set contributions? [duplicate]

I'm looking for a good way to save for college for my daughter. As a parent of a single income home, I am looking for a way to maximize my savings to reach my goals, but without having to go with a ...
3
votes
2answers
182 views

Choosing a vehicle to invest a kid's money on their behalf (college, etc.)?

This is a variation on Strategies for putting away money for a child's future (college, etc.)? My question regards money gifted to a kid (by a family member in this case). What should I ...
2
votes
3answers
220 views

Teaching school kids about money - what are the real life examples of math, budgeting, finance?

Yesterday when renting a car I was listening on the radio to a discussion about introducing classes about money for kids aged 11-14. Here is an article on that topic: Financial education to become ...
5
votes
1answer
132 views

Qualifying income for Roth IRA for a child?

I'm thinking about my still-toddler boy, and trying to figure out how to help him get an income which would allow him to start contributing to a Roth IRA. I am aware that the value of such an IRA ...
2
votes
1answer
80 views

For Tax Purposes, What Does “Provide at Least Half the Cost” Mean?

If I am separated (no legal decree) from my husband for just over two years and have been unable to work due to caring for children and illness. I get ~$3700/month from him labeled as "Separation ...
8
votes
1answer
237 views

How to create a college savings account for a kid without his mom being able to tap into it?

I am divorced with 2 kids. My mom wants to setup a college savings account of some type for my older kid. Last time she did this, she used my kid's SSN and deposited some money. I do not know what ...
5
votes
1answer
93 views

What specific quality of life factors need to be addressed when creating a special needs trust?

We are in the process of creating a special needs trust for my daughter. One of the many things we need to think about are the quality of life factors as she gets older and of course as we get older. ...
7
votes
2answers
330 views

Hiring a teenager as a household employee

What am I required to do if I hire a 14-year-old for household work? Any generic information is welcome, but I'm in New York State. Here are some things that come to mind: Do I need to have the ...
2
votes
1answer
273 views

What kind of account should we open for a young child who was given some money?

My son, who is 7 months old, inherited a little bit of money (in the range of $10K - $20K). What's the best type of account that we should open for him? The money wasn't given as "college" money, so ...
6
votes
3answers
874 views

How should minor children be listed as IRA beneficiaries?

I've heard conflicting information on how minor children should be listed as beneficiaries of an IRA. (And perhaps for life insurance.) This is where there is a testamentary trust to provide for the ...
5
votes
1answer
307 views

Long term investing on behalf of newborn

I have some gifts from friends and family for my newborn daughter. I would like to invest these but I don't know what is the best way. 529 plans spring to mind but I don't know what the educational ...
7
votes
2answers
104 views

What to consider when starting a savings account for my children?

I want to start saving some money regularly for when my children turn 18. What options are available to me and what are some things I need to consider when choosing the right approach?
7
votes
2answers
207 views

Can I start a 529 plan for a child before the child is born?

A recent question got me wondering about this one: Conventional wisdom says "It's never too early to start saving for your kid's college education." But a 529 plan is taken out for a specific person. ...
21
votes
5answers
2k views

Strategies for putting away money for a child's future (college, etc.)?

So my wife and I will be having our first child at the end of the year, and I'm trying to devise a strategy for things like putting money away for the little person now, while I have the time and ...
12
votes
4answers
508 views

What is a good investment vehicle for introducing kids to investing?

We have been paying our four kids a small allowance. We help them split their money by percentage into different categories (savings, investment, responsibility, school, play, etc.) One of the ...
5
votes
1answer
169 views

Bank offer for Children's savings account 7% or higher

I heard there are a couple of banks offering 7% or higher interest on Children's savings accounts (Kids under 18) Are these a good investment for my kids? I can't find these offers on the internet, ...
9
votes
8answers
683 views

Switch from DINK to SIWK: How do people afford kids?

Currently my wife and I both work, and we have no kids. We have no debts (besides our mortgage), live very frugally (friends call us cheap), and are roughly breaking even. We would like to have kids, ...
5
votes
6answers
330 views

How to plan my Finances when about to have a baby: What are some considerations to be aware of?

I would like some insight into the process for financially planning to have a child. Outside of the obvious upfront medical expenses, what are some important financial considerations that I should be ...
7
votes
2answers
141 views

How should I go about investing/saving for my children's college education?

I have 2 kids (10 and 6) and I was thinking about putting money away for them (for college, for instance). I've looked at various options and the more I look, the more I am confused with the array of ...
8
votes
2answers
635 views

How can my dad (grandpa) transfer shares to my 2 year old son?

What different options are available? What are the pros and cons of different types of accounts? update, in response to Joel Spolsky's request for more info: I live in the U.S., the shares are GE. ...
16
votes
1answer
991 views

Do I actually have to pay my daughter minimum wage for helping around the house?

I blogged about my discussion to this question. When I mentioned that I paid my almost-six-year-old daughter $2 for a job that took an hour I had a commenter say that I paid her "below minimum." ...
9
votes
6answers
329 views

Is it a good idea to teach children that work is linearly related to income?

It seems to me that, if you want to teach children at an early age about the benefits of careful personal finance, and other fun concepts (like an intuitive understanding of compound interest), paying ...
7
votes
5answers
484 views

Are personal finance / money management classes taught in high school, anywhere?

It sure seems like something that would be a valuable life skill, akin to Home Ec (or even more important!)... Where I'm from (Peel Region in Ontario Canada), it isn't part of the curriculum.
14
votes
7answers
2k views

Why do people take out life insurance on their children? Should I take out a policy on my child?

I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...? If the purpose of life insurance is to replace a wage-earner's income in ...
18
votes
9answers
803 views

What are the best strategies to give pocket money or an allowance to children?

What are the best strategies to give pocket money or allowance to a child especially if you would like to teach them something through this, e.g. saving?
5
votes
1answer
79 views

Online calculators for child benefits in the U.K.?

(I've also asked this on Moms4Mom) I've been reading through the various benefits available for parents in the UK. It all seems to be hilariously complicated. I know I could plug in the various ...
8
votes
3answers
344 views

At what age should I begin discussing money - saving, spending, investing - with my child / children?

In addition, when should I open a savings account at our bank for my kids; and give them accountability over it?
4
votes
3answers
140 views

How old must you be to apply for a bank credit card, store credit, or cash advance loan?

I am the parent to one child and one young teen, and I don't want either of them to be able to apply for credit (and potentially soil their credit ratings) before they are mature enough to take on ...
7
votes
2answers
166 views

How do you make sure your child's birthday party doesn't break the bank?

I've been to childrens' birthday parties that clearly cost in excess of $500 when the price of the venue, activity, food, cake and loot bags are factored in. I don't want to spend a lot in order to ...
7
votes
7answers
526 views

What are good games to play to teach young children about saving money?

I've heard that giving allowance is one approach to develop an understanding of money management. What other ways are available to teach kids about the benefits of savings?
2
votes
2answers
3k views

Canada Universal Child Care Benefit (UCCB): $100/month per child under age 6 from the government. Is it true?

Somebody told me that if I have a child under age 6, then I'm entitled to get a $100/month benefit from the Canadian government. Is that true? How do I apply for it?
6
votes
1answer
2k views

What are the best options for an RESP for my 2 year old kid?

Just starting to look into RESPs for my kid. There are RESP funds, or I could just throw money in a GIC... wondering where else I should look... and what I can do.