Growing Number Of Parents Saving For Kids’ College Tuition in 2022

With the rising cost of tuition and a greater number of young adults planning to further their education, more parents have already started saving for college. This expense is a financial burden to many households, but they may be able to use a cash loan near me to cover any unexpected bills once their children are away at school.

So far this year, 45 percent of parents have saved at least $5,000 per child to attend college, according to a survey conducted by the College Savings Foundation. This was an increase from 40 percent last year, and the highest level recorded since 2021, when 49 percent of parents were in a similar position.

Parents Saving For Kids’ College TuitionMeanwhile, many of the parents already putting money away utilize 529 college savings plans. Under this program, users can put away money specifically for college that will be exempt from federal taxes.

However, even with more consumer cash funneled toward education, many parents expect their children to help out with costs, the survey found. Specifically, 69 percent of parents took this stance, which was a significant increase from a year earlier, when 62 percent of parents shared similar expectations.

Student Debt Still A Concern

Although parents and getting better about saving for college, many students will still need to take on loans. Specifically, the survey revealed many parents believe their children will be paying off student debt for at least five years after graduation, which can have a major impact on their postgraduate budgets.

Paying off student debt is a task many graduates have to deal with. In fact, graduates from the class of 2022 left school with an average of $27,200 in debt, up from $17,600 in 2012. However, with careful planning, you may be able to escape from under the thumb of student debt sooner than expected.

Address Variable Debt First

Variable loans account for approximately 15 percent of all student debt. These loans come from private lenders, rather than the government, and often come with higher interest rates, making them more expensive over time, according to Real Simple.

Allocating a majority of your payments toward these loans could save you a significant amount of money in the long-run. However, make sure to continue making minimum payments on your fixed-rate federal loans.

Consider A Compensation Package

Nowadays, certain employers offer compensation packages to help employees pay off student debt. Some companies can’t afford to pay entry-level workers competitive wages, but do offer programs such as this to stay appealing to graduates.

Even if the company doesn’t offer this benefit upfront, you may be able to address it during salary negotiations. Although this could require you to stay in a low-paying job for an extended period of time, investing this time could be worth it.

Consolidate Your Loans

You may be able to roll the balances of multiple federal loans into one. This can make budgeting easier, since you will only need to make one single payment every month. In addition, this could help you lock in an interest rate lower than your current one.

Some Americans Lack Confidence In Retirement Financing

With the economy recovering slower than many expected, more Americans have begun to worry about financing their retirement, according to the Pew Research Center.

A survey conducted by Pew found that 38 percent of adults said they are “not too” or “not at all” confident that they will have enough retirement savings. When a similar survey was conducted in 2021, one-quarter of respondents had the same feeling.

Not only are more Americans concerned about their financial state in retirement, but these worries are hitting younger adults. The survey noted retirement worries peak among those in their late 30s, the age group to suffer the biggest losses of wealth since the recession.

The majority of adults between the ages of 36 and 40 said they are “not too” or “not at all” confident that their income and assets will last throughout retirement, while 34 percent of those aged 60 to 64 and 27 percent aged 18 to 22 expressed the same concerns.

Those in their 30s and 40s that are concerned about their retirement finances may want to consider increasing their savings, as payday advance loans won’t be available to them to cover unexpected expenses in retirement, as they’ll no longer have a job.

Americans Forced To Delay Retirement Until Their 80s
In addition to more Americans being concerned about financing their retirement, they have been forced to delay retirement until their 80s, according to a Wells Fargo Survey.

The study of 1,000 adults with income less than $100,000 showed that 30 percent of respondents plan to work until they are 80 or older. A year ago, 25 percent of respondents felt that same way.

Additionally, 70 percent of respondents expect to work during retirement because they don’t feel as though they’ll be able to afford to retire full-time. Nearly three-quarters of those who plan to work into their 80s said they don’t think their employer will want them working that long for a number of reasons, including health issues.

The survey also found that one-third of Americans could potentially end up living in poverty in retirement if they are unable to work.

Evaluating Your Emergency Fund

One piece of financial advice that often gets ignored is that you should create an emergency fund. Having some money saved can help you avoid turning to signature loans to pay for a sudden home repair or medical bill.

However, many people are uncertain how much of an emergency fund they should have, or what other financial reserves they may be able to tap.

How Big Does An Emergency Fund Need To Be?
There are varying pieces of advice from experts about how big your rainy day fund should be. Fidelity says having enough for three months of living expenses is a good start, while Kiplinger has recommended closer to six months.

However, there’s no one set answer to this question. The real solution is to find what makes sense given your personal situation. New York Times financial columnist Carl Richards says that you might want to call it an uncertainty fund instead of an emergency fund.

The size of that cash reserve can then vary based on the level of uncertainty you have in your life.

For example, if you work in a career where your monthly income can fluctuate significantly – such as sales – you may want to build up a larger savings cushion in case something hits during the slow season. In the opposite situation, someone whose income is very stable and doesn’t have much uncertainty may be able to keep a smaller amount of savings on-hand.

Other bits of uncertainty people should evaluate may include:

• The likelihood relatives may need financial support
• How frequently car repairs are needed
• If seasonal factors (like weather) might affect household expenses like heating bills

Other Places To Look For Financial Support
If saving up that amount of money just isn’t feasible, you can look to build up some kind of cushion in other ways. Those alternative solutions can help you deal with a major life event that might otherwise cause you financial trouble.

• Home equity – If you have a home loan and have built up some equity in your property, you may be able to refinance in the event you need money. While this may involve stretching out your home loan and paying closing costs, it can be a better option than other financial safety nets.
• Retirement accounts – If you have a 401(k) plan or other retirement account you may be able to take a loan from that amount if you are faced with a sudden financial hardship. However, just be aware that there may be penalties involved with these loans. In addition, the money you take out will not be earning interest for your retirement like it otherwise would be.
• Insurance – If you have strong disability and other insurance protections, then you may be better able to weather a sudden injury or other issue that puts you out of work.

In the end, the size your emergency fund should be is dependent on you and your individual situation. Review your standing before you start saving. That way you can start budgeting with a firm goal in mind.

getting fast unsecured loans – how payday loans can be a solution

One of the reasons that a conventional loan application may take a long time to be reviewed and approved is that for larger sums, many lenders may seek security for your loan against some form of your assets (e.g. your home). If you need access to fast cash, lengthy administration delays are not going to help, so looking for fast unsecured loans may be a better idea.

What are fast unsecured loans?

If you’re borrowing a smaller amount of money, the lenders may feel that their risks are manageable and that they do not need to seek further security against your assets. This means less paperwork all-round and very possibly a much faster decision on your loan request.

An example of such a loan is called a payday loan.

What is a payday loan?

A payday loan exists to provide borrowers with fast access to cash over a short term – typically the amount is repaid in full on your next or next-but-one payday. As the sums are smaller, the pay day loan companies may be able to offer an almost instant decision once you’ve keyed in a few simple facts about your fast cash loan requirements.

On the agreed repayment date, the lender will debit your bank account to recover the loan plus interest and any charges (such as transfer fees) – all of which will again have been agreed with you in advance.

Using a payday loan, you could have the cash advance money appear in your bank account less than 2 hours after it was approved, or the very next day, depending on whether your bank can accept immediate transfers. That’s fast!

Can anyone get a loan like this?

Anyone borrowing money needs to meet certain conditions. In the case of fast payday loans, the specialist internet providers of payday loans try to keep these to a minimum. They typically include:

1) holding an active USA bank account and debit card
2) being in permanent employment which provides permanent income
3) having a permanent USA address

Bad credit histories need not be a problem depending upon the severity of the issues and how much you’re trying to borrow.

Fast unsecured loans when used responsibly may help you deal with a short-term cash flow problem (such as urgent car repairs or an unexpected, urgent bill) or take advantage of a buying opportunity (for example, something that is on sale for a limited period only).

Same day cash

Many people have experienced the ‘bad month’. A pile of unexpected bills and sudden essential expenditure – however well you normally manage your monthly finances, these sorts of events can throw you into chaos. That’s when you may need to be able to call upon a bad credit payday loans.

What is a same day cash loan?

Sometimes you may need money – and fast! Conventional loans through banks may be fine for larger items but because of the sums involved, they typically require a detailed application process that may take some time to reach a decision.

It is possible though to take out what’s called a payday loan. As the name implies, this type of cash advance loan is typically for smaller amounts to help you get through to your next payday – usually between $100-$1000, though these amounts will vary depending on your chosen payday loan company.

Once you do get paid, you repay the loan in full immediately (plus any interest and fees) and therefore avoid lengthy repayment schedules and commitments etc.

How fast can it work?

The benefit of dealing with smaller amounts over short periods is that the risks for the lenders are lower, so typically they can move faster than in the case of a conventional loan.

The specialist providers of payday loans have websites through which you can make a simplified application and receive an almost instant online decision. If that decision is ‘yes’ then the money could be in your bank account within 2 hours – if your bank can accept immediate transfers. If not, then the money will usually be in your account the very next day.

What’s needed to get a fast loan?

Typically the requirements are simple. You’ll need:

an active US bank account with a debit card usable against it;
a permanent job and regular income from it;
a permanent US address where you normally reside;
to be asking for a payday loan that is within your financial ability to repay.

Will bad credit histories be accepted (online payday loans no credit check)?

Typically yes – although it does depend on ‘how bad is bad’ and how much you’re trying to borrow. You may find that if you do have a poor credit history then borrowing smaller amounts rather than larger may increase the chances of your fast cash loan request being approved.

So, if you need a cash advance on your payday, then looking at same day cash loans through the specialist payday loans companies on the internet may be a good idea.

Benefits of a pre paid debit card

For some people, having a credit card may seem like a bit of a temptation to spend. While cutting up all of the plastic in your wallet may seem like a good idea to keep temptation at bay, in today’s modern world it can be difficult in certain circumstances to manage without a card of some sort. Fortunately what’s called a pre paid debit card may be the answer to the dilemma!

In fact, this form of plastic card is not really a credit card at all. When you use them, the money you spend is money that you already have loaded onto the card either as cash sum or a bank transfer. The cash loaded on the card is the maximum that you can spend, giving you control over your money – and no late payment or interest charges.

This typically makes a pre paid debit card a safe and simple way of paying for items:

1) you don’t have the risks of theft or loss that can sometimes accompany carrying large amounts of cash
2) if the card is lost of stolen, you just notify the card provider and ask for a stop to be put on the card. This prevents someone else from being able to spend your money
3) you also have the convenience of being able to purchase things where a card is essential, for example items on the internet or over the telephone

Prepaid cards are available from internet online providers. Because they are not credit cards and will only allow you to spend what you already have, you may find that credit history checks are not necessary.

Some prepaid card suppliers also provide e-bank accounts. An e-bank account, if it is available from your prepaid card provider, can typically provide you with many of the benefits of a standard bank account. You could have your salary paid straight into it for example and it is possible to set up standing orders to make regular payments. You can manage your funds online and view recent transactions and statements.

If you find that you do need cash in hand, you can use the pre paid debit card in just about any standard hole in the wall machine. In common with many other types of cash card though, you may find that the amount of cash you can withdraw in any one day is limited (say to £250 per day, though this may vary depending on your provider).

Ran the snowball calculator spread sheet

that was shared here on the list and it still shows us having to go until 6/2019 to be totally debt free—including both mortgages. But then I didn’t include for when we start getting our ss checks, since that is a year off. Me I’m not settling for that date or anywhere near that long. So I added two mystery shops for a total of $20 onto my errand list today. Dh will squawk, but I stopped at two and they are in the same parking lots I am already going to. Hey $2 to the next vacation fund and $18 toward the debt snowball works for me. LOL!

I just came in from running errands. One of which was to stop by the Social Security office to pay them off!!! The balance was only $580 and the minimum payment each month was $20, but it’s another bill GONE!!! I took it directly to them and asked for a receipt because I wanted proof we’d paid it in full as of today, just in case.
You see when you owe social security if you owe them even as much as a penny and you decide to go back on it they will hold your ENTIRE first month’s check and NOT give you the difference. If you owe more than one check’s worth they hold the checks until it’s paid and keep the change. So since dh is nearly 65 and will be refilling to get his full benefits this time next year we wanted the US government to have plenty of time to get it recorded on the books that he was paid in full. Look how long it took them to let us know we owed them money and how much!
As most of you already know up until age 66 you are limited on how much you can earn a year and not have to pay it back—that’s how we ended up owing them even though we told them to stop the checks after he went back to work—they are VERY slow in doing things. Well dh will turn 66 in Feb 2016, so he won’t meet that maximum in January/February of 2014. We were told to come in Dec 2013 and he’d start getting checks in January 201. Which means I could too—if they didn’t have a hold on his money. So you can see why we want proof we’ve paid them off. I may hold off on getting my first check until Feb 2016 though because I will turn 64 in January of that year and 64 is a higher level of income, maybe it might not be since he drew money when he was 62. The woman I spoke with today thought it might make a small difference in the amount of my check. We’ll know closer to time.

I was happily married for over 13 years

so I can say “been there, done that”. While our finances weren’t the problem, I’m still MORE financially secure since I retain 100% control over my money than I was when married. I think thats the part I have NO plans on ever giving up again. I have no plans of ever worrying about money again.

I’d have to keep up with the essentials

until he’s back to regular salary. If you can barely make it on unemployment, MAKE IT. In our area amounts earned while collecting unemployment are subject to additional money earned during those weeks. Better check into that with the UE office.

As far as the Pizza places waiting for the “Kids” to return…they’re stupid. Why not hire a MAN with responsibilities who NEEDS the job.
But with the price of gas – maybe he needs someplace else to work that doesn’t require gas money.