Financial Literacy Feed

financial literacy

The AICPA and its members continue to be at the forefront of the financial literacy movement with free programs, resources and thousands of CPAs across all 50 states volunteering to help Americans with their financial understanding.










Holiday Shopping: A Cautionary Tale

Holiday present

 Holiday Shopping: A Cautionary Tale

As a teenager, every year I knew where I would be the Saturday before Christmas: getting dragged from store to store by my father, who inevitably waited until then to go shopping for my mother’s gifts. This annual exercise in procrastination and family bonding was a recipe for arguing and, more importantly, left my dad no opportunity to shop around for the best deals.

Here’s how you can avoid these holiday shopping pitfalls and get good deals, stay on budget, and remember to factor in more than just gifts when you calculate your holiday spending goals.

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Back to School: Budgeting 101

College student moneyFor CPAs, budgeting is as easy as debits on the left, credits on the right. It is simply the way it is. But not everyone is a talented budgeter. A recent AICPA survey revealed that college students aren’t as monetarily savvy as they think they are.

Just how much do college students need to brush up on their budgeting skills? While 57 percent of students surveyed rated themselves as having excellent or good personal financial management skills, nearly half reported having less than $100 in their bank account at some point in the last year, 38 percent said they had borrowed money from friends or family in the last year, and 11 percent had missed a bill payment. It is clear that college students’ perceptions of their financial skills and reality are not aligned.

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Back-to-School: How to Pay for College

529 plansSleepless nights are an unfortunate reality when you become a parent. And nothing can get parents tossing and turning like thinking about how they will pay for their son or daughter’s college. For the very financially minded, this worry may arise as soon as you find out you’re expecting. Others may not start to worry until much later. No matter your child’s age, the staggering cost of college is likely to become a concern at some point. Consider this: a four-year education at a private college is on track to cost $323,900 by 2033. Might as well give up now, right? Wrong. You can build your child’s college fund slowly and steadily as you go from changing diapers to handing over the keys to the family car. The solution? A tax-deferred savings plan.

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Back to School: The Hidden Costs of Applying to College

Money and graduation capThe cost of college—continuously rising, constantly scrutinized and always in the news—is nothing new. For students enrolling in 2015, the average projected total cost of education (tuition and fees) at a private four-year college is $134,600 and a public four-year college is $39,400. The most expensive four-year colleges (think Ivies and other top-tier universities) are already $272,000, or $68,000 a year. These numbers are enough to make even the most financially prepared parents gasp. But, before you get to actually paying for college, a host of expenses must be taken into account.

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5 Financial Tips for Newly-Employed Young People

PitbullSummer. A time for barbeques, trips to the beach, ice cream and, for many teenagers and young adults, their first jobs. What better time, then, to educate the newly employed about sound financial practices, before they’re tempted to spend all of their hard earned income having a good time?

For many Americans, the pursuit of fun is more of a priority than saving money. Just turn on the radio and you’ll hear any number of songs about frivolous consumerism. In the case of one of this summer’s ubiquitous songs, Time of My Life, the rapper Pitbull (né Armando Christian Pérez) celebrates the disastrous practice of spending money he doesn’t have:

“I knew my rent was gon' be late about a week ago
I worked my [butt] off, but I still can't pay it though
But I just got just enough
To get up in this club
Have me a good time, before my time is up
Hey, let's get it now”

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