Saving Calculators Can Help
For families who haven’t a clue how to start saving for the increasingly huge burden of a college education, Young Money magazine can help by offering a College Savings Calculator. You put in your numbers and the time you have to save, and voila, there are your goals.
Many teens have part-time jobs in order to help defray the cost of college, and hope to put a little aside for a car or computer—or even to dream about the future. For those intrepid teens who want to start their own online or offline business, the Cool Million Calculator is an interactive tool where teens can type in their current savings plan and expected rate of return to see how old they'll be when they achieve millionaire status. Mom and Dad might want to try it, too!
Military Teens
Teens who have parents in the military are at increased risk for stress and have many challenges to face as their National Guard and reservist parents are deployed to Iraq and Afghanistan—or kept overseas for additional tours of duty. Known as “suddenly military kids,” thousands of SMKs are coping without the support and understanding that comes with growing up within the active duty community.
The uncertainty and stress of having a loved one in a dangerous situation thousands of miles away is hard on the entire family. Additionally, teens are often faced with assuming additional responsibilities that can range from taking care of younger siblings to providing emotional support to the at-home parent. Interruptions in routines and anxiety can also result in academic problems as kids get used to their “new normal” and worry about their military parent being injured or killed.
There are ways for parents to help themselves and their kids. One of the most important might be making sure to reach out to other National Guard and reservist families or the Military Child Education Coalition. By sharing their experiences, teens gain support and stability.