With the Memorial Day weekend marking the beginning of the summer season and pool covers coming off nationwide, the federal government released a stark report showing the vast majority of drowning victims in pools and spas are under the age of 5. The study also concluded that minority children are at a far greater risk of drowning.

Children under 5 account for more than three-quarters of the deaths, the U.S. Consumer Product Safety Commission said. Just those between the ages of 1 and 3 represented more than two-thirds of the fatalities, the government found.

On average in the past three years, 390 children under the age of 15 (296 under 5) drown each year, the CPSC found. Another 5,100 children were treated in hospital emergency rooms (4,000 under 5) for injuries suffered due to being submerged.

The overwhelming majority of deaths (85%) of those under 5 occurred in pools at homes. However, about half the injuries to children happened at residential pools, the CPSC said. 

Planning to take the family to a theme park and wishing the fun wasn't going to put such a deep dent in your wallet? Jean Chatzky offers tips from her family and Facebook friends for making summer fun more affordable.

How and when you buy your ticket and where you buy your food can make a big difference to your wallet, and there are other ways you can cut your costs as well.  Check out this video for more ideas on shrinking the costs of a visit to a theme park.  

This post comes from Eileen Gunn at partner site LearnVest.

What would you do if someone left you a lot of money? It’s always a fun question to entertain.

But when there’s money left to your kids, it’s even harder to know how to handle the situation. Do you tell them that they’ve received an inheritance -- and if so, at what age? What do you earmark the money for? And how do you convey the message about who it’s from, and what it’s for?

These are important questions to consider, since inheritances are becoming increasingly common. Researchers at the Boston College Center on Wealth and Philanthropy estimate that the parents of baby boomers will leave as much as $27 trillion to their heirs; baby boomers themselves are expected to leave behind $30 trillion in the next 30 or 40 years, according to Accenture. So, even if your children receiving an inheritance isn’t currently on your radar, it could be soon.

 

This post comes from Myscha Theriault at partner site Money Talks News. 

For many young adults, the military provides a tempting career alternative, especially when education funds are tight or jobs are hard to come by.

The rewards can be significant: job training, the GI Bill, health care and a chance for early retirement. The risks are abundantly clear as soldiers return from war zones, and as those who gave their lives are remembered on Memorial Day. As the wife of a military retiree, I'll share the perks and pitfalls I consider to be most significant, based on my years of experience.

 

This post comes from Adam Levin at partner site Credit.com.

Student loans are supposed to help middle-class kids pay for a college education, but these days they can do more harm than good. It’s high time we did something about that.

If you imagine a world where the federal government and private lenders actually partner with students, instead of treating them as a profit center, have I got a bridge investment deal for you. As things stand, the Affordable Care Act has a better shot of garnering support among Tea Party activists than the average American kid has of getting a good deal on a college education.

Riddle me this: Why should middle-class students pay more for loans than is absolutely necessary, all the while padding the government’s coffers and enabling state universities to build facilities that the students will only get to use for only four years?

The answer: they shouldn’t.

While no doubt there are more, here are five instances where middle-class kids are getting hosed on their student loans and student loan debt.

 

Perhaps you, like me, thought we'd never again see the kind of madcap competition to buy homes that was common in the housing boom. I'm thinking of lotteries, not to win a home but just a chance to buy one. I'm remembering bidding wars and home shoppers so desperate to buy that they'd camp overnight outside new subdivisions to be first in the door the next day.

 

Never say never.

 

In some parts of the country, this kind of red-hot competition for homes, especially new homes, is back. Boom-era responses like camping in line overnight, homebuilder lotteries and buying homes sight unseen are making a reappearance.

 

When disaster strikes, as it did with the tornado this week in Oklahoma, you can be sure scams will follow -- attempting to take advantage of the desire to give to help those in need.

Scam warnings are flying. The Federal Trade Commission, Better Business Bureau, Scambook.com, and many others, including police departments, have issued cautions in the aftermath of the storm as people hear more about the devastation and seek places to donate to.

"After every natural disaster and man-made catastrophe, we see an outpouring of generosity, along with the inevitable scams and frauds," Art Taylor, president and CEO of the BBB Wise Giving Alliance said in a statement. "We urge donors to take the time to make sure their donations are going to legitimate charities that can do the most good for those in need."

 

This post is by Craig Donofrio of partner site Money Talks News.

Summer is around the corner, which means the kids will be home more and will inevitably be attacking their video game controllers. They’re probably already asking for the newest Skylanders figure or a video game you’ve never heard of.

Retail-priced games can cost up to $60, and there’s no guarantee your kid will even like it. How do you get your child the right game without going broke?

I’ve been video game bargain hunting for years. Here are my tips for finding the right kind of game at the right price.

The new fad
Kids, much like adults, are susceptible to fads, and Skylanders is the latest craze. You start with some basic characters that are introduced to the game through the “Portal of Power,” and then buy additional figurines for more in-game characters. With so many figurines, Skylanders can get expensive fast, so buy them on sale or in bundles (more on that below).