Alicia Nelson-Bell, HCHC
Empowering Financial Wellness Program Coordinator
It can be hard to feel like you are doing “enough” to teach your kids especially when it comes to money. In a T. Rowe Price survey, almost 60% of parents said they were having money conversations with their kids once a month or less. These same parents also ranked money as being one of the top 5 most uncomfortable topics to talk about with their kids. Further, only 26% of parents surveyed felt schools were doing a good job teaching kids about money. And opinions and perspectives about money from the media are all over the place so it’s really up to you to proactively teach your children positive money management skills.
Where do you start to teach your kids the financial principles that will stick with them through the rest of their lives? We have a couple of free resources! Read on!
May hosts National 5.29 Day!
May marks the beginning of warmer weather, summer barbecues and celebrations recognizing the end of another school year. As you enjoy this month, join my529 in celebrating National 5.29 Day by taking advantage of a special offer. my529, Utah’s educational savings plan, has been helping families save for education for more than 25 years, and we take part in National 5.29 Day by making it easier for you to invest in the future.
A special offer
We are celebrating 5.29 Day for the entire month. Open a new my529 account between May 1 and May 31, 2022, and you could be eligible to receive up to $40 contributed to your account. Find more details and information about this offer at my529.org/529-day.
In addition to National 5.29 Day, my529 and the Utah State Library are once again partnering this year to offer the Book Your Summer reading award. Book Your Summer is an opportunity to get your children reading all summer while entering your name in a random drawing for one of four $1,000 my529 college savings scholarship accounts.
Andrea Schmutz, USU Extension Faculty
Last year, in a post titled “Dr. Seuss and his Delightful Discourses,” I encouraged readers to use Dr. Seuss books as thought provoking motivators or reminders in their efforts to apply financial best practices throughout 2021. To celebrate Dr. Seuss’s birthday this month, I’ve expounded on a few more of my favorite whimsical, entertaining stories and their relationships to our personal paths to financial wellness.
Dr. Seuss had a gift: he reimagined everyday experiences - like reading, going to sleep, and doing chores - to make them extraordinary. In honor of the good doctor’s birthday, let’s use his writings to help reimagine the everyday world of finance and infuse a much avoided topic with fun reminders and clever connections.
Amanda H. Christensen, AFC, Extension Associate Professor
Utah Money Moms Editor
Is it really worth the hassle to sit down with your teen and fill out a 1040 Form in addition to worrying about your own taxes this time of year? Y.E.S. Today I'm sharing three reasons why the benefits of teenagers filing a tax return for their seasonal income working summer or holiday jobs is well worth the minimal hassle. Here's some need-to-know personal finance knowledge if you're the parent of a teen.
When do Teens Have to File a Return? Americans are legally required to file a federal return when they make at least the standard deduction for the 2021 tax year which is $12,550. Earn less than that, as many teenagers do, and you don’t have to file.
Vincenza Vicari-Bentley, AFC
You may have a lot of financial goals that could include paying off debt, saving for emergencies, buying a home and investing for retirement. How is it possible to also save for our kid’s college? My parents didn’t save any money for me to go to college and I ended up with a lot of student debt. In this post, I’ll discuss ways you can save with the ultimate goal being to minimize student loan debt.
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