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6 Reasons To Review 529 Statements With Your Teen

College graduate on abstract financial background.

How much does your teen know about the 529 account you opened for college savings?

Nothing?

That’s the norm. Pretty dry stuff for a teenager.

Here’s a radical suggestion.

👉 Review your 529 statements with your teen.

And do it every quarter.

Yes, your initial sessions will be greeted with eyeball rolls, yawns, or worse. But keep up the good fight.

Through your consistent and repetitive efforts, your teen will gradually learn the following:

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How To Decipher Purchase Locations In The Digital Era

UberEats transaction in San Francisco
“This Uber Eats charge must be fraud — we don’t live in SF!”

Have you coached your child on what to expect when it comes to reviewing card transaction descriptions?

If not, they might think a transaction is fraudulent when it isn’t.

A classic point of confusion: as more purchasing moves online or in-app, the city or state mentioned in a transaction description is increasingly unlikely to reflect the physical location where the purchase occurred. Instead, it often maps to the business headquarters of the merchant far away from the point of sale. That’s why, no matter where you use Uber Eats, you’ll see the following in your transaction history:

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How to Conduct a Year-End Financial Review With Your Child

Prime Charge Through Magnifying Glass

Now is the perfect time to sit down with your child and conduct a year-end review of their finances. If delivered diplomatically, a gentle audit will nudge them toward better fiscal habits in the year ahead.

To set the right tone for a candid exchange, I like to break the ice by confessing one or two boneheaded financial mistakes of my own. Like when I wasted a gazillion dollars on an unnecessary storage lockerfor 13 years! Hey, we all make financial mistakes, right?

As you browse through your kid’s transactions from the past year together, here are a few things to look for and discuss: