News - Page 24

If you have to work all summer, you might as well make the most of it.

More than 300,000 U.S. students headed to another country to study during the 2014-15 school year, according to the Institute of International Education. While a semester abroad is a great educational and cultural opportunity, students don't want to learn money lessons the hard way.

Traveler’s checks were once hailed as a convenient method of payment that vacationers  shouldn’t leave home without. Favored for their security, these drafts were frequently used by people who wanted a safe way to carry their money to make purchases on international and domestic trips. Now, most major banks and credit unions no longer issue them, and they’re increasingly difficult to use, as consumers turn to credit and debit cards instead.

Banking nightmares can happen to even the most seasoned traveler.

In the excitement of exploring a new country, it's all too easy to rack up extra expenses when paying in a foreign currency. Exchange rates fluctuate and it's not always clear what commissions and fees you're being charged. But just a bit of advance prep can turn you into a savvy consumer overseas. To start, check the exchange rate and familiarize yourself with the price of common items as a benchmark. Then use this list of smart money moves for travelers.

With summer drawing closer, your vacation may arrive before you've got the money to pay for it. But there are some quick changes you can make now to save or raise money for your trip.

The best financial advice tends to apply to pretty much everyone. You don’t need a spreadsheet of pros and cons and complex scenarios. What you need is a rule of thumb.

There’s no shame in using one-size-fits-all advice. A study of West Point cadets, for example, found teaching rules of thumb was at least as effective as standard personal finance training in increasing students’ knowledge and confidence as well as their willingness to take financial risks. Researchers found money rules of thumb were more effective than teaching accounting principles to small-business owners in the Dominican Republic.

Here are a dozen shamelessly simple money rules of thumb collected over the years.

Once you start receiving your first paychecks after graduation, knowing how to spend or save your money wisely can be tough. While you may be able to do your banking with just a few taps on your phone, managing money well is much more complicated. Here are a few tips to help you get started.

Just like learning to ride a bike, kids can best be taught how to save money through hands-on experience.

Investing can be one of the best ways to help your money grow. If you have a goal, like being able to retire someday, investments can offer a greater chance of increasing in value at a faster rate compared with money placed in an interest-bearing account.