Personal Finance and Investing

How would you like to be able to give your child or grandchild £1.8m for their retirement? Well, with a little financial planning, you can.

Mention pensions and many people think immediately of old age. But in fact you can start saving for your retirement from the day you are born. About 60,000 children have pensions, according to HM Revenue & Customs, and the number is increasing as more families who can afford to lock up their money for 50 years or more take advantage of the tax breaks.

So, how can you make your child a pension millionaire? Pension rules state that you can start a pension pot for a child immediately after they are born, even if you are not related.

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As soon as tax season approaches the advertisements for Rapid Tax Refunds appear. They sound so simple up front: Get assistance filing a tax return online for a fee and the company will even loan you the money up front equal to the estimated refund. What a deal! Or is it?

It’s not much of a deal at all in the opinion of most state government officials charged with consumer protection. The loans being offered go under a variety of names including fast cash refunds or instant refunds. Officially they are referred to as refund anticipation loans (RALS).

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Cash back credit cards are a great product that millions of Americans have taken advantage of over the years. However, like any other kind of credit card offer, you must understand the concept behind cash back credit cards if you expect to come out ahead.

Cash back credit cards, in general, are very good credit card products for individuals who charge consistently and also pay off their balances each month. Because it certainly doesn’t make much sense earning cash back on a purchase that you are likely paying more for in finance charges.

Cash back credit cards are essentially an opportunity to earn free money; you just have to know how to do it:

• Compare cash back credit cards to determine which one best suits your spending habits and which one offers the most competitive cash back terms.

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The last year or so has done a lot of damage to many Americans’ credit scores. With lending standards tighter than ever, it is now of extreme importance that we all work towards a strong credit score because our ability to obtain any type of credit depends on it.

Our credit score is determined, in part, by our credit history; in particular, if we have one, and if that credit history is positive. There are many ways to build a strong credit history; here’s how:

• Pay everyday bills on time and in full each and every month – Not only do loans and credit cards affect your credit score, but everyday bills do, as well.

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