The Parental Lifeboat

Posted by Judy Anne Cavey on Mar 5, 2012 in , , | No Comments


Have you turned to your parents for financial help, or are moving back home?

If so, you’re not alone. In fact, since 1970 the number of adults between 25-34 living in their parent’s home has skyrocketed to more than 50%–that’s roughly 39 million. While this may be good for those moving back, it isn’t so great for those being descended upon. According to a University of Michigan study, parents are spending 13% more on their offspring. The financial strain for these particular parents means they may have to postpone retirement, take on more debt, or raid their retirement funds already depleted by the recession.

Student Loan Consolidation

Posted by Judy Anne Cavey on Sep 19, 2011 in , , | No Comments

There’s only one type loan to consolidate–a student loan–and now is the time to do so.

One money management expert and best-selling author, Dave Ramsey, believes students would be wise to obtain all the facts before attempting to consolidate students loans. In his Q & A with American Profile, Mr. Ramsey discussed how student loans are different than other kinds of loans and credit, therefore, are good candidates for consolidation. Here are his rules if this sounds like something you want to do:

1.) You are allowed one chance for student loan consolidation, so do it when interest rates are low–right now.

Is a Prepaid Credit Card for You?

Posted by Judy Anne Cavey on Aug 17, 2011 in , , | No Comments

Amassing personal debt on top of student loan debt is a concern for many students. Here’s one way to tackle that problem…

Prepaid credit cards allow you or your parents to deposit money into the account for necessary expenses, when the card is used, the money is drawn from the account. However, there are certain things you need to know to protect yourself from being gouged.

According to writer Jeff Wuorio, in the Live Smart section of USA Weekend, take into consideration the following before investing in a prepaid credit card:

More Reasons to Strive for Good Credit

Posted by Judy Anne Cavey on Jul 11, 2011 in , , | No Comments

Jean Chatsky, financial expert, and a contributor on the Today Show, discussed how your bad credit score can be holding you back from a great deal in life…

The bad economy has caused millions of people to loose valuable standing with their credit. A score below 720 is considered too low now. Unfortunately, many Americans are saddled with scores in the 600 range–or lower. There are several ways your credit score is used and it’s not just for obtaining loans.

Financially Savvy Students

Posted by Judy Anne Cavey on Jun 15, 2011 in , , | No Comments

Before any student leaves for college, a discussion about finances is in order.

Below are discussion topics excerpted from Charles Schwab’s On Investing, (Summer 2011), which I’ve expanded upon, that provide keys to being financially savvy both in and out of college. Each section addresses the needs of everyone affected.


Parents or guardians must decide how much they’ll personally contribute to their child’s education. Be realistic about what you can afford for tuition, books, food and housing. Honesty is critical at this point–never downplay your current financial situation. It’s important to draw up a budget, including your child in every aspect of budget creation. Be sure to allow room for “emergencies” or unforeseen expenses, such as tuition or housing increases.

Why You Probably Didn't Get Hired

Posted by Judy Anne Cavey on Dec 13, 2010 in , , | No Comments

Credit Reports and Background Checks

When applying for a position, one space people automatically fill in is that of their social security number. The only reason a potential employer wants this information is to run a credit score and background check. Usually, in fine print, it states by signing the application, you are giving permission for them to do these checks. By law, they need your permission to get your credit score.

What's in Your Wallet?

Posted by Judy Anne Cavey on Dec 9, 2010 in , , | No Comments

These tips will save you thousands of dollars!

After reading the tips below, take a few minutes to review your spending habits, then make adjustments. By making a few changes and adapting to a better way of handling your money, you might discover more money in your wallet.

If You Rent

Renters with a month-to-month lease are in luck. Rents in most places have dropped drastically and this means savings for you. Check the classifieds and rental company ads for current rents of comparable units in your immediate area. If you have been in your unit for a year or more, you might notice as much as a few hundred dollars a month difference in current rents.