Jennifer Lane answers our cost-cutting questions

Posted by admin June 17, 2008 at 7:26 pm

NECN) – After a week of cost-cutting suggestions on “Good Morning Live,” we knew you’d have questions of your own. Financial planner Jennifer Lane asked for your questions — and has some great ideas on credit cards for college students, financial lessons for kids, what to do about that sagging 401(k), and whether long-term care insurance is a good investment.

Beth in Quincy, Mass.:
My daughter is starting college in the Fall. I’m concerned about her getting into the credit card trouble you hear about so often. Do you have any suggestions or the guidelines to give her? We’re thinking about telling her to only use it for emergencies.

John in Framingham, Mass:
Our twins just turned 6 years old and my wife and I are discussing when and how to start giving them an allowance. Do you think 6 is too young? When should kids start learning about money?

Rick in Melrose, Mass.:
My 401(k) lost a lot of money last month. I’m going to retire in 4 years. Is there something better to do with my money than keep pouring it into this account that’s losing money?

Judy in Revere, Mass.:
My husband and I will be 65 this year. We’ve talked to Social Security and are looking at the Medicare plans. Would this also be a good time to buy long-term care insurance? Our daughter says you should buy it before you get too old.