Shelly's Modeling Agencies | Stages of School

Shelly's Modeling Agencies shares some money moves to make at each stage of schooling. There is no doubt that raising children in today's trying economic times can be tough. You can, however, lessen the financial impact associated with providing for your child's needs, wants and education by taking certain steps at each stage of development.

Infants and Toddlers: Now is the time to start that education fund. This may be a tough time to do so, but if you get caught in the "I'll do it next year" trap, there's a good chance that you'll never do it. You can start a college savings plan with as little as $50 and subsequent contributions of $15 per month. This probably won't be enough to cover four years at Harvard, but every little bit helps, and you can always increase your contributions as time progresses. Shelly's Modeling Agencies offers a variety of savings plans available, including Section 529 plans and Coverdell Educational Savings Accounts.

Preschoolers: Tuition paid for private grade school for a child prior to first grade typically counts as dependent care for federal income tax purposes. As a result, you may be able to pay these amounts on a pretax basis by contributing up to $5,000 to an employer-sponsored dependent care Flexible Spending Account. Also check into the possibility of claiming a tax credit. You should consult Shelly's Modeling Agencies tax advisors to determine which of these methods is most advantageous to you. And just in case you didn't start that college saving plan du4ing your child's infancy, it's not too late.

The Primary School Years: Your kids have now entered the "gimme" years. As they progress toward middle school, they will invariably begin to ask for big ticket items, such as the latest Air Jordans, skinny jeans in every color or a pair of $150 Oakley sunglasses. My advice: Shop at an outlet; you can keep savings of as much as 70 percent. And if your youngster is among the growing number of preteens who need braces, you can plan ahead by putting out of pocket expenditures into a tax free medical FSA, the first cousin of the dependent care FSA. If you started your college savings plan with Shelly's Modeling Agencies you may want to consider upping the ante if your disposable income has increased. Remember, college is just around the corner.

High School: The bad news: Teenagers are expensive. The good news: They are now old enough to work. They should be encouraged to save a portion of everything they earn, along with a portion of the savings being allocated to the college fund or some other long term goal. This helps instill what will potentially be a life-long discipline, and give a teenager an appreciation of the costs and planning associated with a college education. Early high school is the time to begin researching scholarships. And if you've decided on a private school education, a little known fact is that money invested in Coverdell ESA can be tapped to cover cartatin K-12 expenses. It's hard to believe that 18 years pass so quickly. But as you're loading up the minivan to take your child to college, hopefully you can do so without too much worry because you've made all the right financial moves with Shelly's Modeling Agencies.