I sent my dog to jail. And not doggie jail either, he went to the big house for four weeks, bunked with an inmate, and come home a changed dog. Though it sounds like a canine version of Scared Straight, it’s not. This is an awesome program that helps dog owners, dogs, inmates, and the prison system. Let me explain.

Two years ago, my dog was crazy and we were at our wit’s end. We heard about a program offered by Colorado Correctional Industries that sends dogs to prisons all over the state of Colorado. The K-9 Prison Trained Companion Program costs $450 for four weeks of boarding and training—or around $15 per day. A price that I consider crazy low since it would cost more than that to board your dog for that long at a kennel. In addition, the dogs are trained literally 24 hours a day, 7 days a week.

In jail, Buddy learned his basic manners and even a cute trick (which he has subsequently forgotten). The inmates, in turn, get a chance to learn new skills, improve self-esteem, and earn a salary that is based on his or her work performance. Participating inmates are also able to earn vocational certification in Canine Behavior Modification. Their Web site doesn’t mention this part, but I also think the inmates really benefit from the unconditional love the dogs provide.

One of the other benefits of the K-9 Prison Trained Companion Program is that, as a gradate of the training program, Buddy is welcome back anytime (with appointment) for boarding and refresher training for a mere $200 for two weeks. We schedule refersher training during a time that we would have to board Buddy anyway, so the $14 per day saves us quite a bit of money (it is well below the average per day boarding costs of $25 to $50) PLUS he gets retrained.

But the very best part is Beckett.

In addition to training family pets and assistance dogs, the program also adopts dogs from shelters and animal rescues all over Colorado and surrounding states. Adopted dogs are trained to be desirable companions. We adopted Beckett, our pre-trained dog, for $450.

For more information about prison dog training, visit PrisonDogBook.com.

To see if there is a prison based training program near you, visit DogPlay.com.

For more information about Buddy’s story, check out this story my local news station ran about Buddy’s time in prison.

Parents across the country are having the talk with their young adult as he or she heads out the door to college. This year, however, the talk isn’t about sex, drugs and rock and roll. Instead, it’s about whether or not the student should apply for a credit card before the new regulations go into effect in February 2010. The recently passed CARD Act will require a person less than 21 years of age to either document their ability to repay the debt, or have a co-signer before being granted credit.

The new law will also regulate aggressive credit card marketing to college students. In years past, issuers enticed students to apply for cards by making offers of free t-shirts, beach balls, or even chances for an iPod. Some states have already passed laws restricting or regulating credit card marketing on college campuses, and with good reason.

A recent Sallie Mae study revealed that college seniors carried an average credit card debt of $4,100 compared with $2,900 five years ago. College freshmen tripled the amount of debt on their credit cards, going from $373 to $939 over the same date range. Keep in mind that this segment of the population typically has no income and no credit history, but has nonetheless been extended credit.

When it comes to building a positive credit record, the student has some options. Following are some things parents and young adults should consider when deciding what would be best for their situation:

Become an authorized user on the parent’s card. This is a practice known as piggybacking, and is exactly what it sounds like. The student is attached to the parent’s card and has charging privileges, but no legal responsibility for payment since the card is not in his or her name. The activity on the account is reported to the credit bureau in both the parent’s name and the student’s name, thus the young adult builds a credit file of their own. This option allows the parents to monitor the student’s spending, and remove them from the card if things get out of hand.

Get a secured credit card. This type of credit card requires a cash collateral deposit which then becomes your line of credit, thus limiting any abuse. Consumers need to be very careful when applying for this type of card, as some charge high fees which can greatly diminish your spending power. You can also expect a secured card to have an annual fee and a higher interest rate than an unsecured card. Make sure that the issuer reports to the credit bureau. If they do, and if you pay responsibly, a secured card can not only be a safe way to build a credit file, but after a year or so will likely qualify you for an unsecured card.

Obtain a card in the student’s name. Since the clock is ticking on the availability of this option, it definitely merits a conversation between the student and the parent. If the young adult has some financial training and experience with credit, and has demonstrated that he or she can handle it responsibly, then having a card in their own name could be a good way to launch their own credit file. Student credit cards typically have low credit lines, thus somewhat limiting the amount of financial damage that can be done. However, an irregular payment history on even a small debt can damage a credit file, which defeats the purpose of having a card.

In addition to lenders, employers and landlords also review credit reports. Therefore, it is important to graduate from college, not only with a sheepskin in hand, but a positive credit file.

This post was provided by The National Foundation for Credit Counseling (NFCC). Money Management International is a member of the NFCC.

For more about college and credit, check out:

Frugal tips to ease back-to-school shopping expenses
Survey Says: Save more for college
Economy calls for a change in college plans
Earn an “A” in personal finance this semester
New & old ways to pay for an education

Respondents to a new nationwide survey conducted by Money Management International think that parents should save more to help their children afford college. In fact, nearly half (47%) said that parents should be saving more. Echoing this thinking, nearly as many respondents (43%) think that parents should establish and fund a 529 plan. Rounding out the top three, many respondents (41%) think that students should be responsible for shouldering more of the financial burden.

The focus on saving seems to mirror the changes in national financial perceptions and habits. According to a New York Times article in June 2009: “The personal saving rate, which dipped below zero during the housingboom as Americans tapped home equity loans and other easy lines of credit, rose to 6.9 percent in May, the Commerce Department reported. That was its highest point since December 1993.”

Other less popular ideas for funding an education included dipping into regular savings (19%), taking out a personal loan or use credit cards (17%), taking a second job (12%), taking a second mortgage or a home equity loan (8%), borrowing against retirement savings (6%), dipping into retirement savings (5%), and borrowing against insurance policies (4%). (Note: respondents could select more than one option.)

Several respondents made very specific suggestions which are worth noting:

-”Encourage academic excellence early.”
-”Help when possible, but teach children about financial responsibility at an early
age and encourage them to save, too.”
-”Instead of saving for college, use that college money to pay off their mortgage
sooner. Then use what they would be paying for their mortgage and help their
children with college.”
-”My children join military for schooling purposes. I have poor credit and no
savings live paycheck to paycheck.”
-”Teach their kids they are NOT going to get everything handed to them, as I was
taught; I paid for my college, and so did one of my kids that just graduated. All on
their own.”
-”Teach them to be independent at an early age and help them do for themselves.”
-”Think government should pay for schooling cause without workers there will be
no taxes and no one to pay them in the future.”

For more about college and credit, check out:

Economy calls for a change in college plans
Earn an “A” in personal finance this semester
New & old ways to pay for an education
Money management for the first time adult