August 15, 2014
18 The Weekly Sentinel
WS
...TALK from page 17 You can help by providing key words like, “I’m sorry, but I really can’t afford this.” Beware of plastic! During your child’s first year on campus, she’ll probably have the opportunity to sign up for a credit card. Encourage her to think long and hard before doing so. In some cases credit cards can be a lifesaver because they allow you to pay for basic necessities during emergencies, but much more often, they lead you down a slippery slope and into a black hole. If your teen doesn’t have the cash for something and doesn’t absolutely, positively need it, tell her to say no and start saving. Parents, be aware that many banks provide debit and credit cards with a pre-set limit. My husband and I took advantage of this by working with a national bank to open a debit card and a credit card (both with a pre-set limit) for each of our college-age daughters. Their monthly allowance went into the debit card account each month, and we put an extra $500 on the front-end for cushion. We agreed with them that extra charges would go onto
~ News ~ the credit card, but only with our prior approval. We didn’t want any surprises when we received the bill each month! The items we approved for the credit card were expenses like car repairs, plane fares, or extra clothing such as winter snow boots. You may choose to set up a different system with your student, and that’s fine. Just be sure that both of you understand what the credit and debit card rules are before move-in day! Encourage your student to start a savings program. Whether you’ll be providing your student with an allowance or he’ll have a part-time job (or a combination of both), I recommend saving some of that money if your student’s budget allows. Immediately after he receives his allowance or paycheck each month (let’s say that adds up to $200), encourage him to put a predetermined percentage (say, 15 percent) into his savings account. In this example, that’s $30 a month, which will add up! It may help to remind your student that he is starting a lifelong savings habit that will serve him well over his entire life. Once he finishes college and has a fulltime job, he can increase his sav-
ings percentage to 20 percent, and leave it there throughout his working life. This is the concept of “pay yourself first,” and it will set your child on the path toward financial security. Specifically, talk to her about opening a Roth IRA. If your student is working during college (or perhaps only during the summer), Cygan strongly recommends that she put some of her savings into a Roth IRA. She can invest up to $5,500 per year, but she must have earned income of at least $5,500 to contribute the full amount. (If her earnings are only $2,000 from a summer job, for example, she can contribute any amount up to $2,000.) And if it seems too early to begin contributing to a fund that’s typically used in retirement, think again! If your child contributes $5,000 to her Roth IRA for 10 years, her contributions will total $50,000. However, if the account grows 8 percent per year, its total value at the end of that 10-year period will be over $75,000. The point is, the earlier your student starts contributing, the more her money will work for her. This is the power of compounding. Parents, think of this money
...MORE from page 11 East Lebanon Fire Dept. Open
Arrive at 8 a.m. Shotgun Tee Time 9 a.m. sharp. Event to be held at Lebanon Pines Golf Course, 119 Center Rd., Lebanon, Me. $70 per team of two, 18 holes, a meal and a beverage. Contest, Raffles, 50/50, and prizes. FMI: call Jim at 603-742-0860.
Flea Market
Over 50 vendors from 8 a.m. to 3 p.m. with breakfast and lunch served until 1 p.m. St. Aspinquid Lodge of Masons. 101 Long Sands Rd., York, ME. FMI: 207363-4188.
Input Sought For management discussion as your parental contribution to freshman orientation. The budgeting, spending, and saving habits your student forms in the coming months and years are likely to stick around long after graduation. By providing sound guidance, you’re making an investment in your child’s long-term security and happiness. By Donna Skeels Cygan, CFP®, MBA, owner of the financial advisory firm Sage Future Financial, LLC, and the author of The Joy of Financial Security.
Community Plan
The Town of Wells is embarking on the development of a new Comprehensive Plan for the community; the last plan was completed in 2005. The community is seeking citizen input on the plan. Visioning Workshop held at 9 a.m. in the Wells High School auditorium, and will revisit the Vision Statement for the community. Next, revisit the current goals, policies and strategies of the community. Other public input opportunities will also be available. Online survey at www. wellstown.org.
Public Bean Supper
West Kennebunk at the Masonic Lodge on Alfred Road across from the Methodist Church. Suppers served from 5 to 6:30 p.m. $7 for adults and children under 5 free. All you can eat. Sponsored by Madonna #144 Order of the Eastern Star. FMI: 207-468-2965.
Baked Beans and Chop Suey Supper
Open to the public from 5 to 6:30 p.m. in the Church’s Ober Hall at 141 North St. The costs are $8 per adult, and $4 per child under age 12. FMI: 207-967-3897.
The International Women’s Club Luncheon
Held at 11a.m at the Cape Neddick Inn on Route #1, York, ME. Speaker, Dr. Vahid Varastel, will speak about Iran. Fee $25. Advance registration requested. FMI: www.IWCNE.net.
Health & Fitness August Designated As Children’s Eye Health And Safety Month
Safety Month’ during August. Prevent Blindness America and the American Association of Ophthalmologists have jointly designated this month before Inc Inc Inc school starts to underscore the importance of regular eye exams and eye safety for all kids. hear your loved one“You hear your loved one “You hear your loved one is the ideal et nothings in your ear!” whisper sweet nothings in your whisper ear!” sweet nothings in your ear!”“ThisHEARING HEARING TEST HEARING TEST TESTtime of year to have your child’s eyes & GREAT PRICES & GREAT PRICES & GREAT PRICES examined, as they prepare to (S ]SY LEZI (S ]SY LEZI (S ]SY LEZI ramp up *IHIVEP &PYI 'VSWW with school-related *IHIVEP &PYI 'VSWW *IHIVEP &PYI 'VSWW &PYI 7LMIPH MRWYVERGI# &PYI 7LMIPH MRWYVERGI# reading, &PYI 7LMIPH MRWYVERGI# and computer and =SY QE] FI IPMKMFPI JSV =SY QE] FI IPMKMFPI JSV =SY QE] FI IPMKMFPI JSV tablet time,” said Dr. Pelletier. *6)) ,)%6-2+ %-(7 *6)) ,)%6-2+ %-(7 *6)) ,)%6-2+ %-(7 “With 25 percent of children 1ER] SJ SYV TVSHYGXW 1ER] SJ SYV TVSHYGXW 1ER] SJ SYV TVSHYGXW having some type of eye condiEVI [IPP [MXLMR MRWYVERGI EVI [IPP [MXLMR MRWYVERGI EVI [IPP [MXLMR MRWYVERGI DALE CARMEN DONNA TVMGI GSZIVEKI DALE CARMEN DONNA DALE CARMEN TVMGI GSZIVEKI TVMGI GSZIVEKI tion, we always want to be ag'EPP [LMPI WYTTPMIW 0%78 'EPP [LMPI WYTTPMIW 0%78 'EPP [LMPI WYTTPMIW 0%78 gressive in catching any diagringEssentials.com www.HearingEssentials.com www.HearingEssentials.com nosis or disease. The good news YORK – York Family Eyecare’s optometrist and owner, Dr.
Sammy Pelletier is raising awareness here on the Seacoast for ‘Children’s Eye Health And
aring Essentials Hearing Essentials Hearing Essentials CANFREE
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Dr. Pelletier examines 14-year-old York Family Eyecare patient Grace’s eyes before she returns to school.
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