Show 38: Traditions, Introducing Kids to the Relatives and College Savings Plans
We talk about the importance of traditions, how to prepare your child to meet the extended family and what college savings funds are and why you might want to have family give a donation to one this year.
Introducing Your Child to Relatives During the Holidays
Today we are talking about Bringing Family Together at Holiday—how Kids React. It can be really stressful for young children who are introduced to their relatives that they have never seen, but are expected to feel comfortable and happy having strangers in their house or being at a stranger’s house. Plus, we all know the dynamics can get really strange during the holidays—even if your family lives close.
College Savings Plans
Lynne Ward, Director of the Utah Educational Savings Plan 800.418.2551 talks about the value of a college savings plan.
Background – The Utah Educational Savings Plan
- the official 529 college savings plan sponsored by the state of Utah
- a “direct-sold” 529 plan, which means individuals can set up an account and make contributions by contracting directly with UESP.
- now holds more than 100,000 accounts valued at more than $2.4 billion.
- 23 percent of the accounts are owned by Utah residents.
- 20 percent of the accounts are owned by grandparents.
- rated one of the top 529 plans in the nation – receiving local and national attention from media outlets, including the Wall Street Journal, Morningstar, and Money magazine, for its low fees and range of investment options.
Plan Features
- Utah’s 529 college savings plan makes it easy to save. There are no enrollment fees and no minimum contributions. You can contribute as much or as little as you want, whenever you want.
- If funds are used for qualified higher education expenses, earnings from a Utah Educational Savings Plan account are tax-free, under both Utah and Federal tax laws.
- Qualified higher education expenses include tuition, books, fees, supplies, room and board, and items required for attendance at an eligible institution.
- Account owners can choose from nine different investment options, including five age-based options and four static options.
- Utah Account owners receive a Utah state tax deduction of up to $1,620 ($3,240 if filing jointly) per beneficiary, or the Utah state tax credit is up to $87 ($173 if filing jointly) per beneficiary or credit for contributions to a UESP account. The deadline for contributions you want applied to the 2007 calendar year must be received at the Utah Educational Savings Plan office before 5:00 p.m. Mountain Standard Time, Monday, December 31, 2007.
Effects of Traditions on Children
Traditions are valuable for several reasons:
- Traditions connect the present with the past and give a foundation for the future through influences from other generations. You can use the holidays to express values you want your child to have through stories of family members and past experiences and through experiences you make now. Someone is going to teach your child values, so you should be the one and you can do this quite effectively during this time of traditions.
- Traditions bond individuals together emotionally, spiritually and in relationships. Participating in traditions not only can create a sense of family but also help meet a child’s need for belonging. Holiday traditions are opportunities to meet these needs and positively influence the development of the children in their families and circles of influence.
- Traditions celebrate family uniqueness Holiday traditions allow each member to embrace the special uniqueness of their family.
So what can we do to make the holidays an effective time to teach and bond the family?
- Cut out what is not working or is not meaningful: Don’t think you can do everything. A relaxed mom and a few traditions are better than a harried mom trying to do everything. Pare it down to what really works for your family. And besides, if you are the mom, you can now decide what the traditions are for your family.
- Make traditions fit your life—not the other way around. If there is something that your parents did in the past that doesn’t work for you, don’t take it on.
- Be willing to open your life to new traditions: One out of every three marriages in the U.S. is an interfaith marriage, creating a variety of sticky situations around the holidays. Instead of seeing this as a dilemma (wondering how to choose between the two religions), view this as an opportunity to blend each side of the family’s customs. Many families today honor a combination of both Jewish and Christian holidays. Children perceive this as having the best of both worlds and they’re probably right! Teaching acceptance and tolerance of other religions and customs is a wonderful gift to our children.
- Whatever you decide to do, make it yours.
