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Budgeting for Your Children’s College

In Parenting, Wealth by Carly Baker

The dream of many parents is to put their children in a position to succeed—to reach even greater career heights than their parents. The first step toward attaining this goal is for children to obtain a higher education by going to college. Unfortunately, college is expensive. Really expensive, as you have to pay for tuition, textbooks, supplies, clothes, phone plan, housing, utilities, food, and a little spending money. Unsurprisingly, the rate at which college costs have increased has far outpaced the rate at which most parents’ salaries have increased. More than ever, it is crucial to approach your child’s college education with a plan. As the idea is for your child to one day become a self-sufficient adult, this college plan should be part of a coordinated team effort between …

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Creating Your Post-Separation Budget

In Separation & Divorce, Wealth by Sarah Hink

One of the often overlooked considerations when it comes to separation is just how expensive it can be. For couples who are already stretching their financial limits, the costs associated with separation and divorce can be eye-opening. Some of these additional costs include moving costs, paying for a second residence and utilities, furnishing that place, postseparation support, child support, and legal fees. Therefore, when spouses separate, it is critical to develop a reasonable budget as a responsible step toward your brighter future. Gather all necessary documentation to determine your post-tax monthly income and your assets. This can include job related income, side income, and additional sources of income such as post-separation or child support. You need to know the starting point of your budget. Determine all of your “fixed” monthly …