Author: Thomas Callaway

Five Reasons to Plan for the Unknown | Financial Spotlight

When you plan for the future, you may think about positive events such as marriage, starting a family, retirement or grandchildren. Yet there are other life changes such as job loss, illness, disability, or needed to care for a family member, that can take an emotional and financial toll. While it’s natural to avoid thinking about these difficult events, it’s short-sighted to ignore the possibilities. Here are five compelling reasons why it’s better to prepare your finances for the unexpected rather than simply cross your fingers.   Challenging life events are hard enough to manage. Financial decisions made in...

Read More

Financial Considerations for Foster Care and Exchange Students

Financial Considerations for Foster Care and Exchange Students Many families have a desire to extend the warmth of their home to foster children and foreign exchange students. For many, welcoming a new child or student into their family can be rewarding – for both the child and your family – however the arrangement does require some planning. As you consider becoming a foster or host parent, make sure you also anticipate the potential financial impacts. First, think about the lifestyle you want to provide for the student. What experiences, family traditions or activities do you want to share with...

Read More

Supporting Aging Parents with their Finances

Keeping track of finances takes time, attention and energy at any age. In the case of older adults, health challenges such as memory loss can make it difficult to manage their financial obligations as well as they did in the past. If you’re the son or daughter of aging parents, here are a few items to keep in mind that can help protect your parents from financial missteps as they grow older. Looking out for your parents For many seniors, signs of memory loss or dementia may first become apparent when they start to lose track of financial responsibilities....

Read More

Are Your Finances Ready for Fun?

While the best things in life are free, as the saying goes, some of life’s great experiences do have a price tag. If you’re considering fulfilling your childhood dream of hiking the Appalachian Trail or you’re offered tickets to see your favorite team play in the championship game, you know these experiences can be costly. Yet these opportunities can be within financial reach if you have a plan and sufficient funds set aside. The following do’s and don’ts can help you take the right steps to make these dreams a reality. Do calculate the total cost of the experience....

Read More

Get a Head Start on College Savings

  College tuition continues to rise, with few signs of slowing down in the near future. If you plan to help your children with the cost of attending college, it’s best to start saving when they are young and time is on your side. Creating a strategy today may help you reduce the stress and financial burden as your child gets closer to his or her college years. Here are some strategies to help tackle this important financial goal.  Fund a 529 plan 529 plans, named after Section 529 of the Internal Revenue Code, are one of the most...

Read More
  • 1
  • 2