UGMA/UTMA accounts - "Uniform Gifts to Minors Act" (UGMA) and "Uniform Transfers to Minors Act" (UTMA) accounts are investment accounts set up in your child's name, which tend to offer more investment flexibility than a 529 plan. UGMA accounts are restricted to financial assets, such as stocks, annuities, bonds, cash and insurance policies, while UTMA accounts can manage any tangible or intangible asset, such as artworks, real estate, or intellectual property. Warning: The money in a UGMA or UTMA account is considered your child's money and not your own. Therefore, it can be used for any purpose the beneficiary desires, such as plastic surgery or buying a yurt in Outer Mongolia. Coverdell Education Savings Account - Similar to a Roth IRA for educational purposes, the earnings on the account are tax-free if used for qualified education expenses, and the money can be applied to private primary- and secondary-school expenses, as well. Unfortunately, contributions are limited to … [Read more...] about College Savings Plans – Why you need a 529 plan
No quick resolution could be found for the bank’s woes, unlike in case of Yes Bank, where the banking regulator acted swiftly to stabilise the private sector lender in March. Such a rescue eludes PMC Bank, as also several other co-operative banks – 44 of which have been placed under moratorium in 2020 alone. … [Read more...] about Simply Save podcast | Will more power to RBI to supervise co-op banks prevent PMC-like crises?
An easy way to save money on energy bills is to wash your clothes at a lower temperature. Washing at 30°C rather than higher temperatures uses around 40% less electricity over a year. Also, if your washing machine has the ‘quick wash’ or ‘half load’ options, use them to wash smaller loads. … [Read more...] about 13 ways to save money on energy bills during the coronavirus lockdown
“With each confirmed case, we have worked diligently to clean and disinfect our entire store,” Hartley Family Shop ‘n Save Stores said in a Facebook post. “Out of an abundance of caution, we made the decision to close the Penn Hills location until further notice to help mitigate further spread, conduct cleaning processes and evaluate employee contact tracing.” … [Read more...] about Shop ‘N Save In Penn Hills Closes Indefinitely After Fourth Employee Tests Positive For Coronavirus
4. Break out of the mold. Many people go to the big brand cell phone companies when deciding what cell phone plan they will purchase. These days, however, there are many new companies that may be able to save you money. Prepaid plans that you can find at stores such as Walmart, enable you to pay only for the services you use, as you use them. Cell phone companies that primarily use Wi-Fi networks to connect can be cheap. If you need more credit to get a new cell phone plan, check out our rewards credit card offers. … [Read more...] about 5 Ways To Save Money On Your Cell Phone Bill