FAFSA

3 Helpful Financial Tips For June [VIDEO]

#1 Finish Your FAFSA

If you have kids going to college in September your FAFSA is due by the end of the month. You Should have submitted it already (particularly if you watched the financial planning To-Do’s for March), but if you’ve waited until the last minute make sure you get it in soon.

#2 Meet With Your Planner

Schedule a meeting with your certified financial planner if you didn’t meet at the beginning of the year. The halfway point is a great time to check in and see how you are doing and if your planner has any advice on how to make improvements. If you are going to meet with someone for the first time make sure you meet with a CERTIFIED FINANCIAL PLANNER™. The CERTIFIED FINANCIAL PLANNER™ (CFP®) designation is a professional certification mark for financial planners granted by the Certified Financial Planner Board of Standards (CFP Board). To receive authorization to use the designation, the candidate must meet education, examination, experience and ethics requirements.

#3 Check Your Budget

Time to check in on your budget! It’s been a little over six months since the start of the year. How are you doing? Do you need to make any adjustments?

Tools like First Step Cash Management can help you proactively plan and monitor your cash flow.

Organize&OptimizeCoverFor more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!

Sources:
1. http://www.learnvest.com/knowledge-center/your-january-2016-financial-to-dos/
2. http://money.usnews.com/money/personal-finance/articles/2014/12/02/your-end-of-year-financial-checklist
3. http://www.forbes.com/sites/learnvest/2013/01/04/your-financial-to-dos-for-every-month-in-2013/#14fe6d3d41d4

How To Pay For College: 6 Smart Tips

It’s no secret that college is expensive. In fact, many colleges now cost over $50,000 a year when you include tuition, room and board, and other expenses. Now, we all want the best for our kids but how exactly can the average person afford to pay over $200,000 for a 4 year degree? The key is to start saving early and know your funding options. Here are 6 smart tips to help you pay for that dream college:

1. Use a 529 Plan

529 Plans are a great way to save for college. The contributions grow tax deferred and withdrawals are tax free if used for education expenses. For New York State residents looking to open a 529 Plan check out New York State’s 529 College Savings Program.

2. Apply for financial aid

Once you have kids attending college, always fill out the Free Application for Student Federal Aid (FAFSA), even if you don’t think you’ll qualify. There are government backed low interest loans that many parents use to defer tuition costs. The deadline for submitting the FAFSA is June 31st but you’ll want to get it in as early as possible to ensure you don’t miss out on any available aid.

3. Seek national grants

Here are some options:

4. Apply to several schools

To increase your chances of getting financial aid, make sure your child applies to several schools. The more schools they are accepted to, the more chances they will have to receive financial aid.

5. Service in exchange for tuition

These organizations offer college money in exchange for a service commitment after graduation:

6. Live at home & go to community college

Don’t rule out living at home and going to a community college for the first 2 years, then transfer to a 4 year college or university for the final 2 years. You’ll save money on tuition and room and board. This is a super smart strategy and one that many more people should consider taking advantage of. The cost of community college is much less than you’d pay at a 4 year college. If you transfer to that 4 year college in year 3 and graduate you’ll still end up with the same degree but for a fraction of the cost.

No doubt college is expensive, however the benefits for your child to attend college are quite compelling.

Video:

For more financial planning tips, download my free report: “8 Steps to Organize and Optimize Your Financial Life”. Thanks for reading!