Generally speaking, a living will outlines your personal directions regarding life-prolonging medical interventions you wish to receive (or not receive) in the event that you are near death or in a persistent vegetative state. On the other hand, a health-care proxy appoints an individual who will make such decisions as well as give directions for you in the event that you are unable to do so, but not necessarily near death.

There is certainly some overlap between the elements of both documents, such as an individual’s wishes regarding health care, but how the two documents are structured and how those wishes are carried out differs. Here are some of the different elements of living wills and health-care proxies. (Please note that state laws and policies affect both types of documents, and you will need to check with your local government to find out those policies unique to your state.)

A Living Will:

- Outlines specific directions regarding life-prolonging measures you wish to receive or refuse in the event of an incurable illness or if you are being kept alive via life support alone
- Is between you and your health care providers with no “middle man”
- Goes into effect when at least two doctors agree in writing that you are near death and/or in a vegetative state, when life-support or other life-prolonging measures come into play

A Health-Care Proxy:

- Appoints an individual who is aware of your health care wishes and will see that they are carried out
- Varies according to the extent of the authority you grant to your appointed individual (the “proxy”)
- Goes into effect when your attending physician confirms that you are unable to make medical care decisions, not necessarily when you are near death or in a vegetative state

There are pros and cons inherent in both documents, and as your health situation changes over the years, it’s a good idea to revisit your options. It is also advisable to discuss these options with your doctor, as he or she will have insights into your state laws and your personal health care history.

Originating post: What Is the Difference Between Health-Care Proxy and Living Will?

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As a parent, you know your children are not shy about asking for money. Some families give their children money when they ask, others give their children allowances. If you don’t currently give your children one, here are ten things to know about allowances.

Pros for giving your child an allowance:

* You may want to teach your children how to handle money; the earlier you start the better. By beginning to teach children about money at an early age, they’ll be more teachable and less likely to question your teaching.

* Having their own money will teach children to be responsible with their money. If they’re not, they face the unpopular consequences if they spend too much or lose it.

* Parents can breathe a sigh of relief because children won’t bother them for money if they have their own.

Cons of giving your child an allowance:

* Your children may think they can buy whatever they want because the money is theirs. This may mean they buy things their parents don’t approve of, which could result in stress parents may not want.

* Your children will probably complain that their allowance isn’t enough and ask you to raise it.

1. Why give an allowance? Having an allowance can be effective for teaching your children about money.

2. What can it teach? Allowances given to pre-teens and teens can be used to help finance their college career if they choose to go. By giving them an allowance, you give them the opportunity to open a saving account and checking account, both of which will be important when they leave home.

3. When to give it? A good time to start giving an allowance is when your children begin learning about money in school. Remember, if they can’t count it, they won’t know how much items cost and how much to use to pay for them.

4. How will it be used? You may not expect them to pay for school lunches, but you do want them to have the benefit of actually paying for some items with their own money.

5. What about saving? Explain that they will be expected to save a portion of their allowance. This teaches them the importance of saving, and expecting them to put something in savings first will help them learn this.

6. Will it be tied to chores? You will want to choose between linking your child’s allowance with doing household chores. That decision, obviously, is one you’ll want to make as a family.

7. How much do you give? You’ll want to consider your family’s financial situation, how much you can afford to give, and what your children generally ask you for money for. Some reports say the average allowance for 6-8 year olds is around $5 a week, $7 for children 9-11, and $15 for 12-17 year olds.

8. How often do you give it? Depending on how often you’re paid, you may not be able to give a weekly allowance. Also, as children get older, you may want to give them an allowance on a monthly basis so they learn to budget their money.

9. What else can they learn? When you give your child an allowance, you’re teaching them about spending wisely. It’s much easier for them to learn about losing $5 now rather than $500 when they’re older. An allowance gives your child a chance to make mistakes now when the stakes aren’t so serious.

10. What about docking their allowance? There may come a time when your child does something that makes you want to keep their allowance to teach them a lesson. If you choose to do this, don’t overuse this technique. It may cause resentment in your children.

Allowances and whether to give them is something each family will want to decide on their own. These ten things to know about allowances are by no means complete, but some things you may want to consider when deciding if they are right for your family.

Originating post: Ten Things to Know about Allowances

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It is so important for your family to know the extent and nature of your finances. Although you may prefer to keep such matters private, your family will struggle in the event of your death or illness when your assets will need to be managed by someone besides you. And frank discussions about money are how children learn about financial management. For a family to function harmoniously and efficiently, and for kids to learn how to manage their own personal finances, everyone needs to be in the know. Here are some reasons to talk about your finances with those closest to you.

1. Break the Silence, Ease the Burden

Is your family struggling financially? In these economic times, the number of families in financial difficulty – if not crisis – is growing. Why discuss it with your immediate family?

Open discussion about the family’s finances eases some of the stress on the main financial provider in the family. And your spouse and children may have ideas and resources you might not have known about or considered. The family may get together and decide to have a yard sale, or the children may be willing to take on neighborhood jobs to help out. Maybe your spouse has an idea for a home-based business or other form of extra income. You don’t have to carry the family’s entire economic situation by yourself. Soliciting the support of your loved ones can take some of the pressure off.

2. Honesty Is Still the Best Policy

Your family will respect your willingness to be honest with them and trust them with financial information. Family members appreciate being included and involved in decisions that affect them, and usually have much to contribute.

3. Bridge the Generation Gap

Do you sometimes wonder what your dad is thinking when he says no to some expenditures? Do you get frustrated with your teen’s inability to understand the importance of saving and avoiding debt? Airing these frustrations and misunderstandings in frank family discussions is an excellent way to bridge the financial gap that exists between generations.

4. Make a Family Budget

Including the whole family in formulating a budget is a good way to get everyone involved and knowledgeable about the family’s financial state. On a practical note, it is essential to get a handle on the actual numbers involved in your family’s finances.

Making a budget forces everyone to work within a limited number of dollars, and can actually ignite creativity. If you can’t just buy it, why not learn to make it? Or come up with an alternative? An example of this is an entertainment budget. If your family is used to spending $100 a week on eating out and entertainment and you have to cut back to $50, let your kids come up with interesting alternatives such as a family board game night or cooking meals together.

Your children will remember what they learn when they come alongside their parents to help with the finances. After all, how your family manages its money affects every family member.

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You may have heard the saying “money doesn’t grow on trees.” You may have even told your children the same thing. Here are ten ways you may want to try to teach your kids about money.

When you decide to teach your children about money is something you and your partner will want to discuss. They will obviously learn something about money at school, but you may want them to learn some specific things:

* How to earn money by having a job
* How to save money by setting aside money for larger purchases
* How to budget by limiting how much is spent each month to ensure needs are met prior to purchasing things they want

Don’t be afraid to talk about your family’s finances. Talk about what you do for a job and why you work. Explain to them that you have monthly bills that must be paid. Tell them about how banks are used to hold money and disperse it to pay people.

1. If you don’t currently have a budget, take the opportunity to do that as a family. This allows everyone to understand what money comes in and what goes out each month.

2. Show them your paycheck and how much is taken out for withholdings. Explain what each item is and why it’s important.

3. Let them watch you fill out the deposit ticket. Show them how you can keep some money out as cash and the rest goes into your checking account to be used.

4. Pay your bills with them watching. Explain why you choose to pay bills according to due date and what happens if you’re late in paying them.

5. Tell them how long you have to work to pay for things. If your telephone bill is $50 and you make $10 an hour, it would take you five hours to pay that bill. This may help them understand the value of money a little better.

6. Some families use credit cards. Tell about the potential dangers of using them; that it’s easy to buy things you really can’t afford and that you will end up paying more for those items in the long run due to interest.

7. Consider giving them an allowance so they understand how to earn, how to save, and how to comparison shop to get the best deals. Real life experiences ? whether positive or negative ? may have more of an effect on your child’s learning than what you say.

8. Discuss how having money comes with responsibility. While it would be great to be able spend everything they have, that’s not a good idea. Teach them to save first, be charitable, and then spend money responsibly.

9. Allow your children to make mistakes with their allowance. If they spend everything in one day, it will help them understand the concept of budgeting when they want something later in the week. Now would be a good time to ask them to work extra to get extra money to pay for something.

10. To teach them to budget, have them write down what they “want” and then prioritize the list. Explain how to save up for larger items, like an mp3 player, by setting aside a little bit out of each week’s allowance and still have some to spend each week.

These ten ways to teach your kids about money are by no means all available. Think about your family and its needs. Then choose one of these methods or another that will best meet your goal of teaching your children about money.

Originating post: Ten Ways to Teach Your Kids about Money

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So you’re ready to start making some money on those household items you no longer need ? baby clothes and accessories, clothing, toys, and so forth. You have probably heard of selling those things on eBay, but maybe you’re not sure how to begin. Here are some guidelines to help you get started with the world’s largest online auction site.

* Choose what you want to sell
For your first item, choose something that is not overly fragile or valuable, and that is easy to ship.

* Create an account
The first step is to go the eBay site and set up an account. The site is pretty user-friendly, and will take you through the steps of becoming a registered member. You will need to give some basic information and will be asked to create a username. Then, you can click on the “Sell” tab on the homepage and be directed to a seller form. After you have completed your listing, you will be directed to create a seller’s account where you will enter your financial information.

* Categorize and describe your item
When people shop on eBay, they generally search for the item they want in a category (such as electronics, apparel, toys, etc.). When choosing a category and description, it’s a good idea to check completed listings to view items similar to yours. Note descriptions, photos, pricing, and the format of these successful listings and pattern your own after them. Be positive and enthusiastic in your descriptive details, but be honest about any flaws.

* Add a photo
Take clear, close pictures of your item from several different angles and upload the ones you want to use from your computer by clicking on the “Upload Pictures” button on your seller form. For $.35, you can choose to include a small picture, called a gallery photo, next to your item listing for potential buyers to view.

* Choose a selling format
EBay offers several choices of format: Auction, Fixed Price, and Buy It Now. Most likely you will be going with the auction format, in which case you will need to determine your starting bid (keep it low!) and, if you like, a reserve price. The reserve price is an amount you think your item is worth and you can choose not to accept the final auction price if it is less than the reserve.

* Choose your payment method
This is a very influential part of your auction. Buyers will often reject an item they would otherwise purchase if the payment method does not suit them. Think safe, easy, and honest ? let people know the actual shipping costs, and consider creating a PayPal account through which buyers can pay you.

* Determine shipping costs and location
First, determine the destination (you can choose not to ship to certain areas due to expense), then weigh your item (in its unsealed shipping container) and enter this information into eBay’s shipping calculator or on the United States Postal Service (USPS) website. This is important, because buyers want to know all the costs up front.

Once you have the online aspect mastered, it’s a good idea to think about the offline considerations as well. How often can you realistically go to the post office, for instance? Are you going to prepare the items for shipping yourself, or have it done at the post office? Once you have determined the answers to these “real life” questions as well, you’re ready to start making some money selling your household items.

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Winter clothing can be pricey and really add up, especially when you have growing children who need new clothes every year. Here are ten tips for saving on winter clothing you may want to use this winter.

1. Start in the closets. Go through each family member’s clothes including those in storage, find out what can still be used, and make a list of what you’ll want to replace. The more clothes each person can reuse or hand down, that’s less money you’ll be spending.

2. The earlier the better. Some department stores have considerable discounts on winter merchandise before the colder weather actually arrives. You can often save as much as 40% off winter coats. Look in the local newspapers for coupons for additional savings on some merchandise.

3. Check online to see if there are outlet malls in your area. You may have to drive a little way to find them, but you can often save quite a bit on name brand winter clothing.

4. Buy ahead of time. You’ll often find winter clothing on sale up to 75% at the end of the season. You can buy winter clothing a size or two larger than you currently need and store it for later use.

5. Visit consignment stores. These stores are set up to sell other people’s gently used clothing. While they may sell things according to season, you can still find good deals on winter clothing that you can use right away.

6. Find yard sales. Depending upon where you live, you can find yard sales well into the start of the school year. Yard sales are a great place to purchase used winter clothing at pennies on the dollar. Of course, you’ll want to carefully look over each item for tears, worn places, or missing buttons. If an item is torn, you’ll want to decide if it’s still worth buying it knowing you’ll have to make repairs.

7. Make your own. Some winter clothes aren’t difficult to make. Use the upcoming colder weather as an opportunity to teach your children to sew. Material and patterns aren’t that expensive and knowing how to sew is a good skill to have.

8. Check online. There are online sources such as Craigslist or Freecycle where you can sometimes get free winter clothing. Of course, you’ll be expected to sign up for an account, but that usually only takes having an email address.

9. Look at online auction sites. Auction sites such as eBay or uBid allow individuals to sell their own items. Of course, you may find something you really want and have it snagged out from under you at the last minute, but that’s part of the excitement of online auctions. Regardless of the possibility of losing what you’re bidding on, these sites give you an opportunity to get great items for little money from your wallet.

10. Have a clothes swap. Do you have friends or family that has children who have outgrown clothing? Have everyone gather together clothes their kids have outgrown. Then meet and let everyone go through and take what they need out of the clothes there.

You know it’s expensive to clothe your family, but it doesn’t have to break the budget. Use some of these ten tips for saving on winter clothing and you may find something extra to smile about come winter.

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Is there a jock in your family? You know, the child that loves sports no matter which one it is? If your child wants to play everything, you may be concerned about how much the equipment costs. You may also be looking for ways to save money on sports equipment.

There’s no reason anyone should have to pay full price for sports equipment. In fact, you can save quite a bit of money if you know where to look. Here are some ideas you may want to use to save money on the equipment your children want for their favorite sport.

* Borrow it. The easiest way to save money on sports equipment is to borrow it from family or friends. If you know they’re into a particular sport and your child would like to play it, ask them to borrow the equipment to ensure your child will like the sport. If they do like the sport, you may then consider purchasing the sporting equipment they’ll need. But if they don’t like it, you won’t have thrown good money away.

* Buy used equipment. Look at yard sales, consignment stores, or other thrift stores for the equipment you need. Buying used sports equipment can easily save you as much as half or more off the normal retail price. Another thing to think about is checking with local recreation centers or schools to see if they ever sell good used sports equipment.

* Buy less than top-of-the-line of a brand. It would be nice if your family could get top-of-the-line sports equipment, but is it really necessary? The quality of the equipment isn’t going to be that different to warrant paying top dollar for it.

* Buy an off-brand. Let’s face it, you’re really paying for the name on the equipment rather than paying for a better products when you buy name brand. Considering off-brand sports equipment can cost 30% less or more than name brand, it might be worth not having a top sport star’s name on it.

* Buy at the end of the season. If you can wait until the end of the sport season, you can usually buy equipment at a big discount. You may also be able to find uniforms or other sports items on sale.

* Buy online. Look through the advertisements at places like Craigslist, eBay, or half.com to see what is available there. You can also find other online auction sites or discount sporting goods websites if you look for them.

As you can see, there are many options when you want to save money on sports equipment. You don’t have to pay top dollar for sporting goods if you take some time and look around.

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It won’t be long before little ghouls and goblins are running around, knocking on doors, and saying “trick or treat.” If you normally buy costumes, you know how expensive they can be. You may be wondering how to save money on Halloween costumes.

The following are ten ideas you can use to cut down on your Halloween spending:

1. Check online. With a little time and effort you can find websites for stores that sell Halloween costumes for less than buying them in a local store. You’ll probably find a better selection at a much better price. Don’t forget to figure in shipping costs when determining what the final price will be.

2. Go to auction websites. While you’re online, look at auction websites such as eBay, uBid, Bidz, or UpperBid. It’s often amazing how inexpensively you can get items using this type of site.

3. Find a children’s consignment shop. Children usually don’t wear costumes more than once or twice, so they’ll still be in good shape. Consignment stores are a great place to find costumes for less than retail.

4. Have a costume swap. Your friends’ children may have costumes they’d like to get rid of. Ask about swapping with ones you still have.

5. Use items you have around the house. Does your child have a black sweat outfit? Find some antennas and wings and you’ve got a cute butterfly. You can use these clothes after Halloween, as well.

6. Look at yard sales. Like consignment stores, yard sales are another place to look for gently used Halloween costumes. The best part of shopping at yard sales is they’re usually cheaper than consignment stores.

7. Wait until the last minute. Sure, the pickings may not be as good as at the beginning of the Halloween buying season, but most stores mark Halloween costumes down by as much as 50% the day of Halloween.

8. Make your own. There’s really no need to spend a lot of money on Halloween costumes when you can make your own. It’s easy to dress a child up like hobo if you look around at what you already have. For a hobo, use torn baggy clothes, paint some dots on their face to look like stubble, and give them a bandana sack on a stick.

9. Check out the dollar stores. This type of store usually has items that can spark your imagination. Knight sword and shield, ninja accessories, and items for a princess are normally found. Use those $1.00 items and build up your costume from there.

10. Don’t forget the trash! One of the easiest costumes to make is a pizza delivery person. All you need is an empty pizza box, a paper hat, and a fake nametag. You might also want to have a wad of play money so you can give change.

Learning how to save money on Halloween costumes is easy. With a little bit of forethought you can make a wonderful Halloween costume for your child without breaking the family budget. And, since your child will likely only wear the costume once, you can take it to a consignment store and recoup part of your money.

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Are you one of those people watching money come and go through your hands? You know saving is important but you haven’t been able to get into the saving groove yet. Here are five ideas to trick yourself to save instead of spending what you get.

Financial experts recommend having a minimum of three to six months income saved for unplanned emergencies or possible layoffs. Saving that much money isn’t going to happen overnight, and if you’re used to spending what you get, it may be difficult. You can overcome your spending habits and start saving by following a few simple steps.

1. Continue to make “payments” after an item has been paid off. This may not make sense, but if you’re not used to having that money available to you, you won’t miss it. Instead of paying for an item that now belongs to you, have that money withdrawn from your paycheck and direct deposited into a savings account, money market account, or adjust your 401K withholdings.

2. Use cash as much as possible. Some financial experts call this the “envelope system.” Cash your paycheck. Put some money into savings and some into checking to pay for bills online. Split the remaining cash into envelopes for each category ? groceries, clothing, entertainment, or gasoline/transportation. You’ll be able to see how quickly you’re spending it, and when it’s gone, it’s gone.

3. Give up a luxury such as gourmet coffee or eating out for lunch. Spending $4 a day for coffee means you’re spending an extra $20 a week, around $100 a month. What could you do with an extra $100 each month? You could start that emergency fund experts recommend. You could also begin putting money aside for a house, new car, or family vacation.

4. Avoid paying late fees by paying bills automatically. Many banks offer a bill paying service which allows payments to be taken directly from your account on a specific date each month. Even if the bank charges a monthly fee for this service, it will undoubtedly be less than paying late fees for more than one creditor.

5. Put annual raises, year-end bonuses, or income tax refunds directly into savings rather than trying to decide how to spend them. If you keep the same standard of living rather than increase how much you spend to match your new income or bonus, you’ll be able to set aside a good amount of money without missing it or feeling neglected.

These five ideas to trick yourself to save instead of spending are by means the only ones. In fact, if you think about it, you could probably come up with any number of other ideas to help your family save money. Saving money isn’t difficult to do, but spending money can be a hard habit to break. Why not try putting some of these ideas to use and watch your savings grow?

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Annuities are life insurance contracts sold by brokers, insurance companies, and other institutions. They are normally bought as a way to invest toward one’s retirement. Because it is paid for before a person retires, they can look forward to receiving lifetime payments. If you’re considering getting them, here are the pros and cons of annuities.

Those concerned with their financial future following retirement know they can’t expect the same type of employer-sponsored pensions that their parents enjoyed. Their only option has been to find other means of saving and one of those options is annuities.

The Pros: Prepaying for annuities before retirement with after-tax dollars means you can look forward to:

* Guaranteed lifetime income based on how much you invested prior to retirement
* Tax deferred earnings similar to an individual retirement account which is different from other forms of savings
* The capital is insured up to $100,000 and sometimes more, depending upon the state in which you reside
* Ability to withdraw a 10-15% portion of your savings without having to pay a penalty
* No limits to how much you can contribute per year as with other forms of retirement savings
* No restrictions on how much you can earn
* The ability to switch investments without paying taxes as long as you stay within your contract
* A premium for living longer than expected is given depending upon where you live and the contract you own

The Cons: There are some disadvantages to prepaying for annuities prior to retirement. Those include:

* High fees and commissions which can affect your return. Be sure to look for no-load or low-load contracts
* Being bought with after-tax dollars which means they don’t have the tax benefits of some other types of investment
* Income from the annuity is taxed as ordinary income rather than being taxed as capital gains
* Limited earnings if your tax bracket is between 28 and 39.6 percent and your capital gains tax rate is 20 percent
* Difficulties in choosing the right contract because the wording sounds confusing
* Penalties, taxes, and surrender charges for canceling the contract early
* Paying for life insurance you may not need

Consider how old you’ll be when you retire in order to determine how much you’ll need to pay into an annuity to receive its full benefits. To ensure you have all the information you need, speak with a financial counselor, tax accountant, or another financial expert. They will be able to look at your current situation and make recommendations based on the knowledge they gain from speaking with you.

Investing for the future doesn’t have to be confusing or mind boggling. With help from a professional, you can learn the pros and cons of annuities. Then, after you have listened to sound advice, you can rest assured knowing your financial future is being taken care of.

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