One of the reasons why teens love to work is that they want to have their own income. Teens want to have discretionary funds they can use without thei

We start the year with good intentions, don't we? As you approach 2008, here is a guide for tackling the items that will improve your financial life. Instead of becoming overwhelmed, approach the year in "month-sized" portions.

January

Planning Idea: Have changes in your personal situation occurred in 2007? Did you get married, have a child or grandchild, become widowed or divorced- there may be important new legal and financial considerations that now come into play. These might include adjusting your budget or reviewing beneficiary designations on life insurance and retirement accounts, property ownership, providing for children's welfare, estate planning, and payroll deductions.

February

Planning Idea: Give thought to your estate plan-to how you intend your assets to be distributed at your death. Federal estate tax may be a factor. Estate tax will apply for 2008 if net assets left to persons other than your spouse or charity exceed $2,000,000. And if it's been awhile since you have reviewed your estate planning documents, then you must see an attorney to ensure that everything is up to date.

March

Planning Idea: How are you doing on your retirement funds? Review the asset allocation of your portfolio. Contact a Financial Advisor for professional advice in determining how much you should be saving and what the best investment vehicles are.

April

Planning Idea: Prepare a Location List - a comprehensive list of all your accounts, financial and otherwise, and all Internet usernames and passwords. Keep it in a secure location to avoid identity theft.

May

Planning Idea: Evaluate the protection of your assets. Review your Homeowners Insurance; Car Insurance; Investment Property/ Casualty Insurance. Perform an inventory of your non-financial assets (home, furniture, cars, personal belongings) to ensure that your property insurance coverage is adequate for your assets.

June

Planning Idea: This month, review your life, health, and disability insurance policies. Make sure you have adequate coverage. Consult with your insurance advisor as to the appropriate amounts for your age and income. Consider getting Long Term Care Insurance.

July

Mid-Year review: Compare January- June income and expenditures with your budget. Make adjustments as appropriate.

August

Planning Idea: Order a copy of your credit report. A federal law allows you to get a free copy of your credit reports once a year; read it carefully and report any discrepancies to the appropriate agencies to ensure accuracy.

September

Planning Idea: Request a Personal Earnings and Benefit Estimate Statement from the Social Security Administration. Which summarizes your social security earnings history and provides an estimate of the benefits to which you are entitled.

October

Planning Idea: Discuss with your family your wishes concerning health care and funeral arrangements. Not a pleasant task, but it is important that others know your wishes should you be incapacitated. Create an Advance Directive to document your decisions.

November

Planning Idea: Start your year-end planning now. Estimate your taxes due for the year, and determine what steps you should take before year end to minimize them. Consider making charitable contributions before year-end.

December

Planning Idea: Consider paying tax-deductible expenses prior to year-end, contact your tax professional for guidance. If your estate planning indicates a potential estate tax liability, consider making gifts before year-end to minimize estate taxes. You can give away $12,000 a year to each of a number of donees free of gift tax.

Let The Teens Manage Their Money

One of the reasons why teens love to work is that they want to have their own income. Teens want to have discretionary funds they can use without their parents poking at them and auditing all their cents. If the parents would let their teenagers manage their own money, they should be ready to give them advises on money management such as budgeting and fund management. In this way, they can be sure that their teens will not just squander their money on less important things.

The following may help the teens manage their money:

Teach the teens to save

Encourage the teens to open a savings account to deposit their earnings. Even just a few dollars a week will be good enough. If their parents are giving them allowances, they can talk to them and ask them to set aside some dollars in the bank. When the time comes that they need to withdraw, they will be amazed to see how much money they have saved.

Teens must spend wisely

The biggest nightmare among the teens is to wake up with nothing to spend, yet the next allowance is still a few days away. They will be forced to borrow and this will only add more problems. Spending wisely is a must especially to those with tight budget. If the school is just a walking distance, they should be happy to take a walk and enjoy that needed exercise. Need to go dating? Why not ask their crushes to have a chat with them in the park, this way they don't need to spend much. A can of soda could do the trick.

Introduce the teens to fund management

There are many plans of fund management that are available to teens. With a few dollars, the teens can have the opportunity to increase their money under the watchful eyes of money experts. This will also add pride to the teens for having invested money like what the grownups did. In addition, requiring them to pay taxes out of their investment will make the teens contributors to the national coffers.

Get a checking account

Getting a checking account will teach the teens some financial responsibility. Just imagine the teens issuing some checks for their purchases and or services they acquired. Knowing that a bouncing check would have legal repercussions, the teens will be extra careful in handling their finances.

Let them get credit cards

The feel in getting credit cards nowadays is greatly different as compared many years ago. Before, a person is jubilant when his application is approved because it proves that he is credit worthy. Today, credit card offers are numerous that it will make the eyes bulge. The teens must be extra cautious on the type of cards they will apply. The benefits are vaguely explained in the ads or in the emails when credit card companies promote these cards. Most often, actual charges and interest rates are hidden, only to make the teens sorry for just freely making purchases. Credit cards are there to allow the teens to purchase, but they have to purchase only those things that are needed. They must avoid being compulsive buyers.