Financial 411: Mid-summer help with your money

Some financial advice you may not have thought of, from our Monday call-in

Our Answer Desk call in was busy Monday evening, answering your money questions. Here are some pieces of advice from our Certified Financial Planners that YOU can use, as you plan your finances:

{>}"Be careful that you don't disinherit your grandchildren by accident," says Dennis Hebert of Blue Ocean Strategic Capital. Here's how it happens: "I leave a beneficiary designation on my retirement plan to my wife and my children, but i don't include my grand children under that, so if one of my children pre-deceases me, everything goes to the other child, the other share doesn't filter down to the proper grandchild. How do you fix it? It's usually just a checkoff on the beneficiary form." Hebert suggests you get someone who understands the forms to double check your beneficiary designations.

{>}Mid-summer is a good time to review how you're doing on your yearly budget (and it's not too late to set a budget up, for the rest of the year!). Sue Hansen, of Hansen's Advisory Services, says be sure to include 'savings' as one category. " It is very energizing to you to know you can look at your statements and say aah, i have some money that is not needed right now to pay a certain bill, and i'm gonna make that money grow, and i'm gonna feel much better about myself."

{>}If your child has a summer job, you can also turn it into a lesson in saving and planning for the future, according to Ted Sarenski of Blue Ocean Strategic Capital: "They're earning, say, a thousand dollars for the summer. well, they could open a Roth IRA with that money, and now they've got a savings of a thousand dollars toward their future...on money that will never be taxed, in the Roth IRA. and they may end up with a job later on in life where they're not able to put into the Roth because there's earnings limitations to open a Roth. So this is something they may never be able to have, say ten years from now, but now they have that established."

We always welcome your questions, by phone, email or Facebook, to the Answer Desk. Next Monday (July 24) we'll have health insurance experts in to help you get your money's worth in coverage....