This week: How much you'll spend on back-to-school supplies, essential marriage paperwork, the Clinton and Trump tax plans, how bad credit can affect your pursuit of work, and famous people with infamous finances.
[Credit.com] “The NRF surveyed more than 6,800 consumers about their back-to-school and college plans, finding that families with children in grades K-12 are expected to spend 9.6% more this year than last year. That comes out to an average of $673.57 per family for accessories, electronics, shoes and school supplies.”
This post offers details on back-to-school and back-to-college shopping, along with a few tips to keep your spending from getting out of hand. We’ve also done similar stories. If you’re heading out shopping anytime soon, check them out.
[The Dollar Stretcher] “Nobody gets down on one knee and says, ‘Honey, let’s talk about paperwork.’ But for a long-term relationship, it’s unavoidable. Things like wills, insurance policies, and prenuptial agreements are crucial. Here’s what you need to know about the paperwork behind your relationship.”
I thought this article would be about prenups, and they were mentioned. But also discussed are common-law marriages (allowed in a handful of states), wills and adoption. None of this is romantic, but all of it is worth a look if there’s a wedding in your future.
[Money] “You may already have a general sense of how they differ: Trump’s plan calls for a fairly radical simplification of the tax code that would create four brackets — 0%, 10% 20%, and 25% — and give just about everyone a dramatic tax cut; Clinton’s relatively modest plan, meanwhile, would leave income tax rates unchanged for all but the wealthiest Americans, who could see effective rates climb by as much as five percentage points, according to the Tax Policy Center.”
One of the most important things you can do before voting is to understand how proposals made by candidates could impact your family’s finances. Check out this article, then keep an eye out for others that may offer clues as to how you should vote in November. But as you do, remember that campaign promises don’t always become reality.
[Debt.com] “Picture this: You take out student loans to go to college so you can make more money. You damage your credit trying to make student loan payments. You don’t get a job because of your damaged credit — a job you can’t get without the degree and the debt that came with it.”
This story talks about how your credit can affect your ability to get work. It’s important to note that not all employers check credit, and it’s illegal to do so in some states. Still, if you’ve got someone in college, or know anyone who seems a little careless with the plastic, might want to pass this one along. If some repair is in order, check out: “7 Fast Ways to Raise Your Credit Score.”
[Wise Bread] “Being rich and famous isn’t all it’s cracked up to be. Just ask the famous people who made it big, and then squandered their riches to earn the dubious distinction of being celebs who have struggled financially.”
I’m not the type to pay attention to entertainment news, but wanted to see if I could guess which celebrities had squandered their wealth. One of them I guessed (Mike Tyson), but the others came as a surprise. Do what I did: See if you can guess who they are, then see if outguessed me.
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