Things to think about.

What financial documents are critical to help protect my family?

Don't wait until an emergency happens to start getting your affairs in order. Start with these key documents:

1. Will. If you have children, a will is an absolute must. If you and your spouse were both to pass away, this is the document that will say who you want to become their legal guardians. A lawyer can help you draw up your will. Once you have the will, take a look at it every few years and update it whenever there's a significant change in your life, like marriage or divorce, a new child or a change in your preferences.

2. Living Will. A living will can clearly explain to hospital staff what sort of medical treatment you want if you're terminally ill or can't communicate on your own. Say you had a life-threatening health problem and were rushed to the hospital. They may provide you with a form like this to fill out, but if you were unconscious you wouldn't be able to. It's really important to have this document ahead of time.

3. Durable Power of Attorney. This document makes the person named in it your "attorney-in-fact" and gives them permission to make specific legal and financial decisions in your place. Just like with a will, this is an incredibly important document.

4. Emergency Information Sheet. If something happens unexpectedly, this will give the information someone needs to contact your family, find your other key documents, and take care of the things that need to be taken care of. Include names, phone numbers, and addresses of your doctor and your hospital. Label the information sheets clearly.

Saving for College: Where Do You Start?

If you're thinking of getting a head start on college savings, you've got the right idea. The sooner you start, the less you'll need to save overall, thanks to the power of compound interest. Getting started is easy, and here are four ways to kick things off right:

1. Set up a college savings budget. It's okay to start small. Even $10 a week adds up to $9,360 over 18 years-and that's without earning any interest. With a mere 4% return, you'd have $13,875. All for $10 a week.

2. Look for tax advantages. 529 plans are a great example. They're specifically designed to help save for college, and can offer tax benefits that really help out when it comes time to pay those tuition bills.

3. Encourage loved ones to contribute. For occasions where the present pile gets out of control, try turning the focus toward the future. Kids only need so many action figures, and money in their college fund will do them good for decades to come.

4. Take advantage of programs like Upromise. Upromise is a free program that offers rewards for things you buy every day. Over time, those rewards could add up to a big chunk of funds to use for college.

The Ins and Outs of Emergency Funds

Emergencies happen. There's no way to predict them and often no way to avoid them, so you might as well plan for them. An emergency fund is a great way to do that.

How Much Should I Save? The ultimate goal for your fund depends a lot on your circumstances. If you've been living paycheck to paycheck or are in debt, start with a goal to build up $1,000 as your emergency fund. Eventually you'll want to keep three to six months of expenses in your fund - more if you have children, are the sole breadwinner or are self-employed.

Why Not Just Rely on Credit Cards? Credit cards can be truly helpful in an emergency - there's no denying it. But if you need to use them, you'll probably end up paying interest. With an emergency fund, you'll earn interest.

Where Should I Keep It? Accessing the money in your emergency fund needs to be quick, easy and free. One great option is to have a high-yield savings account linked to your checking account. Transfers tend to be fast, and you'll still earn interest. For larger emergency funds, you might try a money market fund or a mutual fund (preferably a lower-risk type, like a bond fund).

How Often Should You Adjust Your Life Insurance Policy?

A good rule of thumb is to recalculate your life insurance needs once a year, or more often if there's a major change in your life. Consider raising or lowering your coverage when:
- You get married or divorced
- You have a baby
- Your children become financially independent
- Your children finish college
- Your long-term goals change