This week we’re sharing how you can help your children avoid student loan debt, take the fear out of budgeting, and fund major home improvements. Here’s what you need to know now:

  • Financing college for your children is no simple feat. Chances are it crosses your mind on a daily basis. Do you know if you are taking the necessary steps to help your child avoid student loan debt and become financially successful after graduation? Stuart Ritter from Forbes suggests using a 529 account—a tax efficient vehicle for college savings— to maximize saving potential. Check out his article for other guidelines to help your children avoid the burden of student loans. Did you know that FirstBank has the only FDIC insured 529 plan in the State of Colorado? Our Smart Choice College Savings Plans are only one of twelve plans in the United States that are FDIC insured. Learn more about our CollegeInvest Smart Choice College Savings Plans here.
  • Does the thought of creating a monthly budget overwhelm you? Even after creating a budget, sticking to one can prove challenging. In fact, one in five Americans report their biggest financial challenge is sticking to a budget. In her Daily Finance article, Ashley Redmond shares tips on how to take the fear out of budgeting, hold yourself accountable, and live within your means. Her advice includes downloading budgeting apps like Expensify, creating small financial goals, and setting a weekly time to review your budget and track spending.
  • Looking to transform your home improvement dreams into reality, but lack the necessary cash? Make sure to carefully consider your renovation borrowing options to avoid paying for improvements for a longer time than the improvements last. From reverse mortgages and home equity loans to borrowing from your 401(k), Teresa Mears weighs the pros and cons of various loan options in her U.S. News & World Report article.

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